Coinbase, the largest US-based crypto exchange, has unveiled new ways for users to access decentralized applications (Dapps) on the Ethereum network.
According to the report, the crypto trading platform is launching a new DApp wallet and browser that will enable users to purchase digital collectibles, trade digital assets on decentralized exchanges (DEXs), and participate in decentralized finance (DeFI) space.
The new Ethereum-based Dapp wallet and browser will be accessed directly from the Coinbase app. It will be made available to a few users in the United States at launch. The DApp wallet and browser will also be initially made available to the operating system (OS) of Android mobile devices.
The report reads:
“We’ll roll out the ability for a small set of Coinbase app users to access Ethereum-based DApps directly from the Coinbase app. This includes buying NFTs [non-fungible tokens] on marketplaces like Coinbase NFT and OpenSea, trading on Decentralized Exchanges like Uniswap and Sushiswap, and borrowing, lending, or swapping through DeFi platforms like Compound and Curve.”
According to the crypto trading platform, over the past year, there has been a massive surge of interest in web3, Dapps, non-fungible tokens (NFTs), decentralized finance (DeFi), and decentralized autonomous organizations (DAOs).
The platform says Ethereum-based DeFi protocols have accrued over $110 billion in total value locked (TVL), while NFT sales have surpassed $30 billion over the past year.
One of the notable features of the new Coinbase DApps is an enhanced recovery process in case users lose access to their devices.
The report reads further:
“With today’s launch, users can explore DApps without having to manage a recovery phrase.
This innovative DApp wallet experience is powered by Multi-Party Computation (MPC) technology that enables you to have a dedicated on-chain wallet that Coinbase helps you keep secured.
This is due to the way this wallet is set up, which allows the ‘key’ to be split between you and Coinbase.
Ultimately, this means if you lose access to your device, the key to your DApp wallet is still safe and Coinbase can assist in recovery through our live support.”