Coinbase, the U.S-based crypto exchange, has confirmed plans to launch a “crypto app store” that offers third-party developed products. Coinbase maintained to focus on launching new DeFi (decentralized finance) products to bolster its global presence.
In a June 30 blog post, Brian Armstrong, the Coinbase CEO, has emphasized the need to have a crypto app store, stating:
“the crypto economy is still in its early stages. […] it’s clear that every more and more economic activity will take place on crypto rails.”
The top executive insisted on the great need to expand dynamics within the crypto space. He stated:
“Apple didn’t attempt to build every app for the iPhone; it empowered developers and gave mobile users an easy way to access new innovative apps. We need to do the same in crypto.”
Nonetheless, Armstrong has estimated:
“There are “[tens] of billions of dollars of economic activity already running on DApps.”
Notably, the blog post has expressed Coinbase’s commitment to expanding the number of crypto assets it supports and increased the speed of new listings. Indeed, Coinbase has announced plans to reduce its legal review process from “70 questions to 12” for prospective listings and launch an “experimental Zone for news assets.”
In that context, Coinbase noted that many assets might not meet the criteria for listing amid regulatory concerns. But, the exchange believes it can provide basic wallet functionality such as custody and transfer services for “most assets.”
The crypto exchange confirmed that the Coinbase app will soon support “any built on decentralized crypto rails,” suggesting that users may soon interact with the budding DeFi ecosystem through the Coinbase application.
Armstrong has expressed the desire for the exchange to become a global company. He noted that Coinbase is currently focusing on delivering its products within a “narrow set regions.” Nonetheless, the crypto exchange hopes to launch more new DeFi products “in most countries by default” moving forward.
Coinbase announcement is good news for the crypto space, and it coincides with the accelerated crackdowns from regulators who increasingly aim at global operating crypto exchanges. In that case, the United Kingdom watchdog ordered Binance to cease all regulated activities within their jurisdiction.
While reiterating the crypto crackdown in China, Huobi crypto exchange reportedly banned Chinese users from accessing its derivatives together with the retail traders from the United Kingdom.
In April 2021, the Canadian financial regulator from Ontario province had reportedly accused Bybit and Kucoin of violating local securities laws, with Bybit also facing the same allegations from the Japanese Financial Services Agency the following month.