Major crypto exchange Coinbase has transformed its Coinbase Wallet into the novel Base App, describing it as “an everything app.”
According to the press release shared with Cryptonews, the Base App merges the trading, payments, social, apps, and chat elements. This allows users to utilize their assets, manage them, connect with others, post via the app, and “directly earn from their work,” the company claims.
This means that users can buy, sell, and swap millions of coins. They can also see which coins others are buying and swapping.
They also have the option to send and receive USDC, fee-free, via NFC tap-to-pay in person.
Additionally, once users activate USDC rewards, they can earn up to 4.1% APY by holding the stablecoin, Coinbase claims.
Meanwhile, users gain access to Base Account and Base Pay automatically by signing up for the Base App. The former is a universal sign-in that enables them to manage their onchain identity, and the latter allows checkouts with USDC. Base Account also allows users to have their customizable accounts wherever they go.
Additionally, hundreds of mini apps will be live in the feed. This will allow users to play, create, and share games, earn yield, create a prediction market, etc.
Meanwhile, the Base App beta is now launching for those on the waitlist.
Announced on June 18, the platform enables businesses to accept USDC instantly without handling any blockchain mechanics.
Built on Coinbase’s Ethereum layer-2 network, Base, the system is already live with e-commerce giant Shopify.
Merchants Gain Global Access to USDC Payments
The integration allows…
‘Every Post is a Coin’
The Base App’s social feed is powered by Farcaster, a decentralized social media protocol, “which means creators can own their content and earn directly” from it, thus doing away with relying on brand deals or followings, the team claims.
The announcement explains that every post on the app is actually a coin, a feature powered by the creative platform Zora. Therefore, users can buy this content directly.
Moreover, users will have the option to support the creators by tipping them. Top creators who post often and engage with the community will “earn weekly rewards for a limited time.”
Lastly, the decentralized communications network and messaging service XMTP powers the end-to-end encrypted Chat feature. It allows users to send money, balance portfolios, share apps, and message AI agents like Bankr and Mamo.
Source: Coinbase
Meanwhile, Shopify partnered with Coinbase and Stripe in June, allowing merchants to accept USDC payments directly through Shopify Payments and Shop Pay.
With this latest move, Base Pay is now available to Shopify merchants as a new payment method.
That said, Base now comprises three key elements, says the exchange. The first is Base Chain (formerly ‘Base’), which acts as the foundation of the three-part system.
Moreover, “with today’s mainnet launch of Flashblocks [upgrade], we’re reducing effective block times from 2 seconds to just 200 milliseconds, making Base Chain 10x faster,” the announcement noted.
The second key element is Base Build, which provides builders with tools and support for their onchain endeavors. The new Base for Builders dashboard will help them create and monetize their mini apps, says the team.
The new Base App is the third element, powered by Base Account, which works across apps and chains. It will “soon” expand to more platforms, it says.
Should the SEC grant approval, this development would allow Coinbase to provide equity trading services through blockchain and distributed ledger technology (DLT), positioning the platform as a direct competitor to established retail brokerage firms like…
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