Coinbase is looking to bolster its global presence as well, announcing it will focus on launching new products “in most countries by default” moving forward, including a crypto app store in India and China.
Coinbase, the top U.S.-based centralized crypto exchange, has announced plans to launch a crypto app store offering third-party developed products.
Coinbase, the company behind the popular digital currency, plans to create an app store for its users. The company’s CEO says “every year more and more economic activity will take place on crypto rails” in the future.
“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.”
Armstrong estimated there is now “[tens] of billions of dollars of economic activity running on DApps.”
Coinbase has announced plans to reduce its legal review for prospective listings and launch an “experimental zone” for new assets. The company also said it will expand the number of crypto assets it supports and increase the speed of new listings, in a blog post.
The legal review process will be reduced from 70 questions to 12.
While noting that many assets may not meet Coinbase’s criteria to be listed for trading due to regulatory reasons, the exchange believes it can provide basic wallet functionality such as custody and transfer services for “most assets.”
The exchange also states the Coinbase app will soon support “any app built on decentralized crypto rails,” suggesting the exchange’s users may soon be able to interact with the burgeoning DeFi ecosystem through Coinbase’s application.
Armstrong also highlighted Coinbase’s desire to become a “global” company. While the post characterizes Coinbase as currently focusing on delivering its products within “a narrow set of regions,” the exchange hopes to launch new products “in most countries by default” moving forward.