Coinbase Introduces Base App by Transforming Wallet
Coinbase, the leading American cryptocurrency exchange, is making a significant move by transforming its Wallet into the Base App, aiming to create its version of WeChat on the blockchain.
What is Base App?
The Base App by Coinbase is a new all-in-one super-app that integrates various features including Wallet, Social (Farcaster, Zora), and DeFi access. This strategic bundling allows users to access a wide range of services seamlessly within the app.
The Base App offers attractive features such as up to 4.1% APY on USDC holdings, free peer-to-peer transfers, and NFC payments. Users can now join the waitlist for the Base App launch by visiting join.base.app.
Coinbase’s Integrated Approach
In a bid to streamline its operations and enhance user experience, Coinbase is consolidating its offerings under the Base ecosystem. This includes Base (their Layer 2 solution), Base Build (developer infrastructure), and Base App (user interface).
By keeping the entire stack in-house, Coinbase aims to exert full control over its services, a strategy reminiscent of Tether’s Stablechain approach.
Implications for Ethereum
Despite operating as a Layer 2 solution on the Ethereum network, the extent to which Base App will benefit Ethereum itself remains uncertain. While this move aligns with Coinbase’s business goals, its impact on the broader Ethereum ecosystem is yet to be fully realized.
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