Leading US crypto exchange Coinbase has revealed plans to launch a cryptocurrency app store offering third-party developed products.
Coinbase CEO Brian Armstrong has revealed that the cryptocurrency exchange is planning on launching a crypto app store. The app store would allow third-party developers to develop and host their products.
In his Medium post, Armstrong said the rise of Decentralised Finance (DeFi), non-fungible tokens (NFTs), smart contracts, Decentralised Autonomous Organizations (DAOs) and more had created the need for Coinbase to expand its services to help more people access the decentralised economy.
To make it easier for people to access these new innovations, Coinbase will launch a crypto app store. “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. “
The desire to launch a cryptocurrency app store is to enter the decentralised economy. Armstrong estimates that the decentralised economy is worth tens of bills of dollars and by launching a store to support dApps, Coinbase will make it easier for people to access the products. The crypto exchange is also seeking to improve several aspects of its business.
Armstrong said Coinbase is working on bringing more assets to its users faster. The crypto exchange is known for listing only a few cryptocurrencies at a time, unlike its major competitor, Binance. However, Armstrong wants Coinbase to boost its review process and list as many coins as legally possible.
Furthermore, Armstrong wants Coinbase to be a truly global cryptocurrency exchange. Most of its focus has been on the US, the UK and the EU. However, the exchange wants to go beyond those regions and capture other areas.
“We’re now a global company, with our products offered in >100 countries. We need to move from shipping products that cater only to the US (or UK/EU) to shipping products that work globally,” he added.
The exchange will be expanding its offerings and revealing its plans in the coming months.
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Author: Hassan Maishera