In May 2021, the largest US crypto exchange Coinbase introduced an official browser extension in the form of its own cryptocurrency wallet. Today, representatives of the platform announced the transition of the extension to a completely autonomous mode.
The previously available Coinbase Wallet browser extension allowed traders to link their accounts to the extension and subsequently transact with it. However, their implementation regularly required additional confirmation from the client via the smartphone app. This made using even popular Dapps like Uniswap and Compound a tedious process.
This was the reason for the desire for "autonomy" in the new guise of the wallet. Coinbase customers no longer have to manipulate their smartphone or send dozens of confirmations to gain access to digital currency trading, decentralized applications, and collecting non-fungible tokens.
Coinbase Wallet intends to compete with popular services like MetaMask. Users will be allowed to import an existing Ethereum wallet into the extension, including the previously mentioned MetaMask. To use the new function, they need to import using their passphrase.
Cryptocurrency wallets like MetaMask have taken the lead amid the popularity of the DeFi and NFT industries. They offered users an easy way to transfer their funds to decentralized exchanges and various NFT marketplaces to purchase those crypto assets that would not be available for purchase if they used centralized platforms. In addition, regular hacking of some exchanges not only did not add confidence in the safety of money for new customers but also disappointed the existing base, forcing them to look for more autonomous ways of storing assets.
Although, of course, the best storage option, in the opinion of most members of the crypto community, is still cold wallets in the form of small USB devices.
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