The adoption of cryptocurrencies depends largely on simplifying the associated procedures and services. This logic has clearly been embraced by the Coinbase platform, with the announced transformation of its Coinbase Wallet into a multi-functional “Base app.”
The Base blockchain empowers its users
It can sometimes seem difficult to navigate the multitude of blockchains and platforms associated with the cryptocurrency sector. That’s why the principle of interoperability has been essential for years, to make this experience both simple and secure.
This dynamic has been underway for some time now with the cryptocurrency exchange platform Coinbase, notably with the launch of its Ethereum layer 2, called Base, in August 2023. The goal is to offer a decentralized finance (DeFi) experience directly linked to its exchange, but not only that.
Indeed, those behind the Base project clearly aim to establish themselves in other areas related to the cryptocurrency sector. This ambition was clearly stated at the “A New Day One” event recently organized by Coinbase, with the aim of “becoming more than a blockchain.”
Base is evolving: from a simple blockchain, it is becoming an open technology stack designed to empower developers, creators, and individuals around the world — so they can build applications, grow businesses, bring their passions to life, and generate revenue on-chain.
In concrete terms, this transformation is based on three distinct but interconnected worlds: the Ethereum Base layer 2 as a support, a toolkit called Base Build for application developers, and the new “Base app” as a gateway to its on-chain services.
Coinbase Wallet becomes “Base app”—what does that mean?
To support this shift, the Base network has also redesigned the gateway previously used to access its blockchain: the Coinbase Wallet. The new “Base app” is being billed as “much more than just a wallet.”
And with good reason, as it aims to completely rethink its initial function, with an innovative social network feature combined with mini-apps, a chat function, and more traditional payment features—including a USDC-focused Base Pay option—and trading.
We believe that the next chapter of the internet won’t come from big platforms. It will come from creators. That’s why we’ve completely reimagined the Base app, not just as a wallet, but as a new kind of open social network.
Base
In practice, this app will allow users to directly manage their social feeds while retaining ownership of their content and the benefits of their success. At the same time, it will be possible to easily exchange cryptocurrencies and find out about the latest trends in real time.
The Coinbase Base app marks the first day of a significant shift towards a new, more open-source and community-driven version of the internet. This vision is based on four key points, which can be summarized as: social, identity, applications, and payments. The beta version of this app is already being rolled out to everyone who has signed up to the waiting list, which opened on July 16.
