Coinbase Says It’s Focusing on Digital Wallet, NFTs and More To Accelerate Crypto and Web3 Adoption

Top US-based crypto exchange Coinbase says it’s focusing on accelerating the adoption of crypto assets and Web3 protocols.

In a new company blog post, the second-largest digital asset exchange in the world says its goal is “serving as the bridge” to Web3 for its customers by “supercharging” the key building blocks.

First, Coinbase says it will focus on upgrading the safety of its proprietary crypto wallet as bad actors have recently been airdropping tokens into user wallets, attempting to lure them into websites that would compromise their safety.

“We recently announced the DApp [decentralized application] blocklist and spam token management tools for Coinbase Wallet… Coinbase Wallet hides assets from your home screen that are known to be malicious and gives you the ability to report suspicious tokens that appear in your wallet.”

Next, the crypto exchange giant says it will focus on non-fungible tokens (NFTs) as a means of furthering crypto adoption. According to the blog post, Coinbase plans to bolster users’ access to NFT marketplaces as well as development tools.

“Our strategy at Coinbase is to take care of all the Web3 tooling, so creators can focus on what they do best: building community… You can also access every major NFT marketplace in the in-app browser [and] directly view offers on your NFTs.”

Coinbase says it’s also utilizing its cloud-based services to help developers create the Web3 infrastructure.

“If we can make it easy for developers to build decentralized applications, incredible experiences, games, and social networks in Web3, we can give more people access to the economic freedom that Web3 provides…

The goal of Coinbase Cloud is to help Web3 developers build a better, more secure, and decentralized internet.”

Lastly, the crypto exchange says it’s focusing on institutional adoption, saying that blue-chip investors are becoming increasingly interested in decentralized finance (DeFi), crypto staking, NFTs, and governance protocols.

“We are seeing more demand from institutions for features and functionality to access and interact with Web3 and DeFi, and we are building to meet those demands.”

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Featured Image: Shutterstock/Panchuali