How Coinbase Is Building the Bridge to Web3?


Coinbase serves as the bridge to web3 solutions by providing customers limitless access to the crypto world. Web3 is an emerging buzzword to see which has risen in recent months.

But what does it actually mean?

Web3 is considered the permissionless, and decentralized internet that leverages blockchain technology. Web3 provides users full ownership over their content, data, and assets and empowers them to read and write independently. 

Many crypto enthusiasts keep an eye on Coinbase’s centralized exchange as a way to invest in cryptocurrency. Coinbase has expanded its web3 business into a wallet as a service for the crypto business. This latest advancement of Coinbase allows crypto enthusiasts to build fully customizable feature-rich platforms for their users. 

The significant update of wallet as a service is started to help crypto companies to bridge their customers to web3. Self-custody keys are maintained in a safe manner even if it undergoes any frailty. 

Let us explore more how Coinbase makes a vital challenge in bridging the gap of web3👇

Building The Most Simple and Secure Wallet For Web3

Over the past five years, the Coinbase wallet has thrived on being the most downloaded and developed self-custody wallet that laid a foundation for most Cryptopreneurs in developing a Coinbase wallet for their crypto business. Coinbase wallet hides assets from the home screen and provides the chance to report suspicious tokens found in the wallet.

Before a year Coinbase announced, a sub-domain system that is built in partnership with ENS that enables human-readable addresses at completely zero cost. makes it simpler for every user to send and receive crypto, instead of copying and pasting large strings of letters and numbers. You can send and receive crypto just by typing in a username. In the first six months, there have been more than 1.3 million usernames claimed, with zero cost for the users. 

Enabling Simple Participation in Web3 Through NFTs

NFTs play a vital role in providing ownership of digital assets. The thriving web3 economy depends on NFTs being simple, useful, and widely accessible. Coinbase wallet platform users can buy, sell and manage their NFT collections and dapps on Ethereum, Polygon, Solana, and Gnosis chain. Users of this platform can easily access the NFT marketplace in any browser, and can also directly view the offers of NFT.

Coinbase NFT platform is a web3 marketplace that assists collectors to search and find the best deals from their preferred creators. As of now, you can view Ethereum-based NFTs from LooksRare, OpenSea, and others. In the upcoming future, you will be able to view, buy and sell Polygon NFTs on Coinbase NFT. 

With the dapp wallet sign-in option, you can sign in to the Coinbase NFT platform using the main Coinbase app. Very soon users can use their Coinbase balance to buy NFTs from LooksRare and OpenSea on NFT. 

Coinbase NFT drops have helped creators to connect with their audience and offer unique value.  The Coinbase solutions recreated the drops experience to give the platform users a richer feature to showcase their story and a drops waiting room is created to avoid high network fees during the buying of popular releases. 

It is a fact discovered that in the Q3 of this year, over 92% of drops are sold out in less than 24 hours. With the collection creation option, anyone can create a new collection on the Coinbase NFT platform.

Coinbase Cloud is Building For Web3 Developers 

The fastest path to innovation is enabling developers towards web3 it takes millions of developers developing and innovating for web3 to reach a billion people. To make developers work easy for building decentralized applications, incredible experiences, games, and social networks in web3, we can reach more audiences and give people access to the effective freedom that web3 offers. The ultimate goal of Coinbase Cloud is to assist web3 developers to build a better, more secure, and decentralized internet. 

The Coinbase platform has released a new open-source Coinbase Wallet Mobile SDK, the easiest and fastest way to integrate Coinbase Wallet into your mobile. Web3 dapps allow developers to securely deposit funds directly into their wallets and Coinbase wallet clone services make web3 exploration more secure. 

Institutional Interest in Web3

Since most of the big organizations and establishments are nowadays increasingly moving towards crypto, their investment plan has started to include crypto activities like staking, governance NFTs, and DeFi. From the global statistics, we come across more demand for features and functionality to access and internet with web3 and DeFi. In the previous year, the Coinbase ecosystem launched an industry-grade NFT custody solution by using it investors can store NFTs in segregated cold wallets. 

NFTs are recognized as a significant ecosystem that allows users to develop and interact leveraging new web3 distribution channels. The maker DAO community approved Coinbase's proposal which permits them to earn rewards on their treasury holdings. We build a thought that the extra revenue Maker DAO will earn from their USDC holdings will advance their mission to create a financial system built on decentralized rails.

We must believe in a better reliable crypto future and will continue working to build a bridge to web3. We have been on this journey for a while and hope you will join us. 

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