Coinbase works as a gateway to web3 by giving its customers seamless access to the entire crypto-economy. They focus on supercharging key building blocks for Web3, including self-contained wallets, NFTs, developer tools, and technological advances such as MPC. They often talk about aspects of crypto and their plans to help companies reach a billion users. But these days, it’s easy to get caught up in corporate information and forget why they jumped into crypto in the first place. They want to help cut through the noise and bring the focus back to their long-term crypto strategy and investment in Web3.
Many people focus on the Central Coinbase exchange as a way to invest in crypto. But behind the scenes, Coinbase has worked to build a crypto-like application platform and supercharge Web3’s core business. Here are some recent highlights that demonstrate their commitment to building this space.
Building the most simple and secure wallet for web3
They have made a lot of money with Coinbase Wallet because there is no web3 without its own security. For the past five years, Coinbase Wallet has been a self-contained wallet in the United States. They recently announced a dapp blocklist and spam token management tool for Coinbase Wallet. Actors have also been known to place logos on users’ wallets to lure them to malicious websites. Coinbase Wallet hides assets from their home screen that are known as malicious and gives you the option to report suspicious activity in their wallet.
Last year, they announced cb.id, a subdomain system built in partnership with ENS that enables zero human-readable addresses. Cb.id makes it easy for anyone to send and receive crypto – instead of having to copy and paste a long string of letters and numbers, you can send crypto just by typing in a username. In the first six months, more than 1.3 million CB.id usernames were claimed for free per user.
Enabling simple participation in web3 through NFTs
NFTs provide an easy way to show ownership of digital assets. The thriving Web3 creator economy is based on the simplicity, utility and availability of NFTs. Our plan at Coinbase is to take care of all web3 tools, so creators can focus on what they do best: building communities.
Today, Coinbase Wallet users can buy, sell, and manage their NFT collections with apps on Ethereum, Polygon Solana, and Gnosis Chain. You can also access all the main NFT markets in the in-app browser, look at offers in their NFTs, and in the future accept offers in their NFTs, all without leaving the Coinbase Wallet.
Coinbase NFT is a web3 marketplace that helps collectors find the best deals from their favorite creators, all with the ease, safety, and security of Coinbase. Today, you can find Ethereum-based NFTs from LooksRare, OpenSea, and others, as well as Coinbase NFT listings. In the coming months, you will also be able to view, buy, and sell Polygon NFT and Coinbase NFT. With the dapp wallet login, you can sign in to Coinbase NFT using their main Coinbase app and pay using your existing ETH balance. Soon, you will be able to use your Coinbase balance to buy NFT from LooksRare and OpenSea and Coinbase NFT. Coinbase NFT Drops have helped creators like Pplpleasr, Urs Fischer, Amber Vittoria, Chicago Bulls and others connect with their audience and provide unique services. They’ve redesigned the Drops experience to give creators a platform to tell their stories, and added a Drops room, helping collectors avoid the high network fees that can be incurred when looking to buy. In the third quarter of this year, more than 92% of Drops and Coinbase NFTs were sold within 24 hours.
By creating a collection, anyone can create a new collection on Coinbase NFT using all the building blocks of NFT and editing the chain. Creators can upload the wallet address of their collective owners, wireless tokens or NFT directly to their wallet address, soon to get the value of the token portal, making it easier to participate in the wages of the debtors.
Coinbase Cloud built for web3 developers
As you can see, their product store on Coinbase has evolved to bring all the new web3 features to their customers. However, even with their recent progress, what they have learned is that they cannot build the future of web3 alone.
They believe that the fastest way to innovation is to empower developers – it will take millions of developers to build and create web3 to reach a billion people. If they can make it easier for developers to build printers, amazing experiences, games, and social networks on Web3, they can give more people access to the economic freedom that Web3 offers. To build Web3 builders, they converted the company concept to an API-first. As they develop and build new web3 technologies and resources, they will also make them available to developers. By providing equal access to all primitives, Coinbase Cloud’s goal is to help Web3 developers create a better, safer and more seamless Internet.
Recently, they launched their web3 development platform with the integration of Ethereum Node. Shortly after that, they announced support for the Goerli testnet and a scale plan for Node that makes it cheaper for projects that require more requests.
They have released a new open-source Coinbase Wallet mobile SDK, the easiest and fastest way to integrate Coinbase Wallet into their web3 mobile app. They launched several new testnets for Coinbase Wallet, including Polygon Mumbai, Optimism Goerli, Ethereum Sepolia and Chrome Wallet extensions that allow developers to deposit money directly into their wallets.
They announced a series of updates to Coinbase Cloud’s top manufacturing offerings from the NFT API, Payments SDK, and Trading API.