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Coinbase On Wednesday, it unveiled “all apps” designed to bring more people into the crypto economy.
The “base app” replaces Coinbase wallets, combines support for wallets, trading, payment features, social media, messaging and mini apps. Ethereum.
So-called super apps such as Wechat and Alipay bundle several different services and features into a single mobile app, but the industry has been considered the holy grail of fintech. They are central to everyday life in China, but are not well reproduced in the West. Meta Platform X has attempted to achieve its vision, payments, messaging, social content and more.
For Coinbase, its aim is to expand its reach to a new subset of consumers who are not necessarily interested in purchasing or trading the company’s core business, Crypto. Overreliance on its revenue stream is a sticking point for the company, with some analysts seeing basic blockchain as a way to promote crypto-use beyond speculative transactions.
As part of launching the Base App, Coinbase also rolled out two important features that help it run. An ID verification system called a base account, and Round-issued USDC A Stablecoin called Base Pay.
Base Pay is a one-click checkout feature for USDC payments across the web developed by Shopify. At the end of the year, Coinbase plans to bring basic salaries to brick-and-mortar stores with tap-to-pay support. Shopify’s product manager Alex Danco said at a Coinbase announcement event that the feature will be on for tens of thousands of merchants this week and will be rolled out to all merchants by the end of the year. Shopify also offers 1% cashback in the US to users paying USDC at USDC later this year, he said.
Until now, enthusiasm around the base network has been limited to builders and developers who are passionate about using technology. Perhaps the most prominent example is jpmorgan Last month, he said it would release a so-called deposit token on the base blockchain.
Base is often advertised for its ability to resolve payments in less than a second. Fans help the network grow with other crypto-based payment efforts.
Now, Coinbase wants to take advantage of the opportunity to resolve basic network payments beyond transactions and payments. With the introduction of the Everything app, the company is particularly highlighting opportunities for content creators in a new economic model. It gives you more direct and diverse monetization options for content and more control over your identity and data.
As part of an effort to lead more users into the chain, Coinbase will fund creator rewards and waive USDC trading fees within in-app chats. It is not expected to generate significant revenue anytime soon.
The new consumer app comes when, in particular, the crypto industry and Coinbase, embrace a boom in product launch and deployment thanks to the Trump administration’s procrypt policy, and perhaps soon this week they have a more clearly defined crypto regulations expected from Congress. Last month, Coinbase launched its first credit card American Express and Shopify We deployed USDC-equipped payments via Coinbase and Stripe.
Coinbase CEO Brian Armstrong said both have a “stretch goal” to make USDC the world’s number one Stablecoin. This is the position Tether’s USDT currently holds, aiming to make Coinbase the “world’s number one financial services app” within the next five to ten years.
