Investing.com UK - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Coinbase Rolls Out Direct Access To Ethereum-Based Dapps For Select Users

Published 17/05/2022, 03:47
Coinbase Rolls Out Direct Access To Ethereum-Based Dapps For Select Users

Cryptocurrency exchange Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN) has enabled direct access to Ethereum-based (CRYPTO: ETH) decentralized applications (dapp) from its platform for a small set of users.

What Happened: In a blog post on Monday, Coinbase said its new dapp wallet and browser extension would give a few U.S.-based users access to DeFi and NFT marketplaces directly from its app.

The new feature will first be rolled out to a small number of Android users, with plans to expand it to all users soon.

See Also: COINBASE REVIEW

Users with access will be able to buy NFTs on decentralized marketplaces like OpenSea and trade on decentralized exchanges like Uniswap (UNI) and Sushiswap (SUSHI), and lend and borrow on DeFi platforms like Compound (COMP) without leaving the Coinbase app.

“With today’s launch, users can explore dapps without having to manage a recovery phrase,” said Rishi Dean, Coinbase’s director of product management.

See Also: How To Buy Ethereum (ETH)

The dapp wallet is powered by a multi-party computation technology that assigns an on-chain wallet to each user secured by Coinbase.

“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,” said Dean.

Price Action: According to data from Benzinga Pro, COIN shares closed 9.09% lower on Monday, but spiked 5.35% after the bell.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.