Coinbase forays into Web3 with mobile dApp, Browser, and Hot Wallet

Crypto exchange platform Coinbase on Tuesday announced the launch of its Ethereum DApp wallet and DApp browser. With these, users can access Ethereum-based DApps via the Coinbase app.

The wallet will help users buy NFTs (Non-Fungible Tokens) on marketplaces, trade on decentralised exchanges like Uniswap, as well as borrow, lend, or swap through DeFi platforms such as Compound and Curve.

In a blog, Coinbase’s director of product management Rishi Dean explained that Web 3 functionalities on Coinbase’s new dapp wallet and browser are operated with multi-party computation (MPC) technology that enables users to have a dedicated on-chain wallet.

The wallet and browser rollout is a part of recent developments at the company this week.

During the Permssionless conference on Tuesday Surojit Chatterjee, chief product officer at Coinbase said, "We are also creating an open-source trust layer to enable zero-knowledge attestations, users will be able to prove legitimacy through any app through verifiable credentials, and as a DApp you can determine who can use the product with the help of credentials.

Recently the company introduced a Web 3-focused payments service, called, Coinbase Pay. Surojit further explained that a "single Coinbase Pay integration would enable developers to access multiple payment methods across many regions."

The crypto exchange platform, which supports 150 cryptocurrencies, says that it is planning to launch a guest pay feature in the coming months. " We intend to revolutionise fiat to crypto on-ramps, with this feature developers will be able to access Coinbase's 98 million verified users," Surojit added.

Despite the multiple rollouts, Coinbase will see a slowdown in hiring. In a separate blogpost, the company said it would slow onboarding and reevaluate its headcount, reversing earlier intentions to triple its workforce in 2022.

Emilie Choi, President and Chief Operating Officer at Coinbase said, "To ensure we’re best positioned to succeed during and after the current market downturn, we’re announcing we’re slowing hiring so we can reprioritize our hiring needs against our highest-priority business goals.