- Coinbase is the most downloaded wallet in the past year, says Chief Product Officer Surojit Chatterjee.
- Coinbase wallet multi-chain extension is on the roadmap
According to Chief Product Officer Surojit Chatterjee, the cryptocurrency exchange Coinbase is rolling out a range of new features in its popular wallet app.
Chatterjee said at the Blockworks Permissionless conference that the product will focus on three priorities: API First, DeFi First, and Self-Custody First, aimed at accelerating the mainstream adoption of Web3.
Coinbase, along with other exchanges, provides a key flat-to-crypt ramp, but Chatterjee said it’s too complicated for the average user to participate in self-custody and DeFi (decentralized finance). rice field. Coinbase aims to streamline the process by integrating the Pay Software Development Kit (SDK) into Coinbase Wallet. He said Metamask from Consensys, the leading browser-based Web3 wallet, will also adopt Pay.
Through Pay, users can purchase crypto assets with fiat and transfer them to the selected self-custodian wallet in one step. This feature will serve users through the guest checkout process in the near future, even if they are not Coinbase customers.
Chatterjee said the tedious use of long wallet addresses (public keys starting with 0x in Ethereum) remains a barrier to adoption. To reduce complexity, Coinbase Wallet allows users to claim their Ethereum Name Services (ENS) address for free.
To mitigate privacy concerns, Coinbase is a secure provider of KYC (Know Your Customer) validation that can be passed to a third-party dApp while preserving user privacy using zero-knowledge proof (ZKP). I am proposing to become. To do this, the wallet gives developers access to the open ZKP SDK. This should provide validation of the required data (such as meeting minimum age requirements) without revealing any specific details of the user.
A new focus on self-custody and multi-chain
The company is also deploying a self-managed dApp wallet based on multi-party computing (MPC), an encryption technology for secure private key management used in institution-grade management solutions such as Fireblocks and Qredo.
The dApp wallet allows users to interact directly with DeFi apps such as Compound and Uniswap without having to first withdraw crypto assets from their Coinbase account to their self-casting wallet. Similar functionality is provided by Argent’s mobile wallet and browser-based wallets DeFiSaver and InstaDapp.
The Coinbase wallet is tuned to support all blockchains compatible with Ethereum Virtual Machine (EVM), as well as other blockchains such as Solana.
The wallet is expected to connect to Coinbase’s new NFT marketplace, but it can interact with any NFT (non-fungible token) marketplace, allowing users to aggregate NFTs.
The new features will begin rolling out to a small number of US Android users on Monday and will soon be widely distributed.
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