Coinbase is going full Web3 with its new wallet updates.
Coinbase, the company behind a range of popular crypto-enabled products, including the Coinbase and Coinbase Pro centralized exchanges, has just announced plans to reduce friction for Web3 services and blockchain-enabled experiences through a series of wallet upgrades.
The platform will soon allow users to access a range of DeFi products and view their non-fungible tokens (NFTs) via the Coinbase Wallet — a non-custodial wallet that allows users to manage a variety of cryptocurrencies.
Once the new features are activated, this will bring Coinbase Wallet more in line with competing offerings, including MetaMask and Trust Wallet, both of which are already DeFi and NFT-enabled.
Moreover, as part of its plans to make navigating the rapidly growing Web3 landscape more intuitive, Coinbase Wallet will soon begin displaying user balances across all supported networks simultaneously, rather than requiring users to switch between networks to keep tabs on their holdings.
Supported networks include Ethereum, Arbitrum, Avalanche, Binance Smart Chain, Fantom, Optimism, Polygon and xDAI.
In the blog post, Coinbase’s group product manager Sid Coelho-Prabhu describes plans to make the Coinbase Wallet more DApp-friendly — namely, the introduction of EIP-3085 support. This will make it easier for users to switch networks to use a particular DApp, lowering the barrier to entry when using DeFi platforms like decentralized exchanges (DEXs) — which are increasingly cropping up on alternative blockchains.
These updates will be rolling out to desktop, mobile and browser-based users, providing a consistent experience across all supported devices.
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