US-based cryptocurrency trading platform Coinbase is launching new ways for users to access decentralized applications (DApps) in the Ethereum (ETH) ecosystem.
The crypto exchange says it is releasing a new DApp wallet and browser that will allow users to buy digital collectibles, trade crypto assets on decentralized exchanges and participate in decentralized finance (DeFi).
The new Ethereum-based DApp wallet and browser will be accessed directly from the Coinbase app and will initially be available to a limited number of users in the US. The DApp wallet and browser will also initially be made available on the operating system of Android mobile devices.
“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 Coinbase, interest in DApps and the third generation of the internet, or Web 3.0, has exploded with the total value locked on Ethereum-based DeFi protocols hitting more than $110 billion while non-fungible token (NFT) sales have exceeded $30 billion over the past 12 months.
One of the features of the new Coinbase DApps is an improved recovery process in case access to a device is lost.
“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.”
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