Coinbase reveals plans for crypto app store amid global refocus.
Coinbase is trying to expand its global presence, announcing that it will focus on the launch of new products moving forward, “in most countries by default,” including a crypto app store.
Coinbase, a leading centralised cryptocurrency exchange based in the United States, has revealed plans to build a crypto app store with third-party produced applications.
While “the crypto economy is still in its early phases, [...] it is apparent that every year more and more economic activity will take place on crypto rails,” according to a June 30 blog post by Coinbase CEO Brian Armstrong, the company wants to launch an app store.
“Apple didn't try to build every app on the iPhone,” It gives mobile users easy access to new creative apps while also empowering developers. In crypto, we need to do the same.”
Armstrong estimated, "[Tens] of billions of dollars of economic activity are now running on DApps."
Coinbase also announced intentions to minimise its legal review for prospective listings and introduce a "'experimental zone' for new assets" in the post, emphasising the company's commitment to expanding the amount of crypto assets it supports and speeding up new listings.
The number of inquiries in the legal review process will be decreased from 70 to 12.
While many assets may not fit Coinbase's trading criteria due to regulatory requirements, the exchange believes it can provide basic wallet capabilities such as custody and transfer services for "most assets."
The Coinbase app will soon enable “any app built on decentralised crypto rails,” implying that users of the exchange will soon be able to engage with the developing DeFi ecosystem via Coinbase's app.
Coinbase also wants to be a "global" corporation, according to Armstrong. Coinbase is presently focusing on offering its goods in "a small range of areas," according to the post, but the exchange aims to provide new products "in most countries by default" in the future.
Coinbase's new intentions come as regulators aggressively target globally operating crypto exchanges, with the Financial Conduct Authority of the United Kingdom ordering Binance to stop all "regulated activity" in the country.
Huobi has blocked Chinese customers, as well as retail traders from the United Kingdom, from accessing its derivatives products in response to a broader crypto crackdown in China.
Bybit and Kucoin were accused of breaking local securities rules by the financial regulator of the Canadian province of Ontario in April, and Bybit was also targeted by Japan's Financial Services Agency the following month.