Coinbase, the largest cryptocurrency exchange in the United States, launched an official browser plugin in the form of its cryptocurrency wallet in May 2021. Representatives from the platform revealed today that the extension has been switched to a fully autonomous mode.
The Coinbase Wallet browser extension, which was previously accessible, allowed traders to link their accounts to the extension and then transact with it. On the other hand, their execution frequently necessitated extra approval from the client via the smartphone app. Using even well-known Dapps like Uniswap and Compound became a chore as a result.
This was the motivation for the new wallet’s demand for “autonomy.” To access digital currency trading, decentralized apps, and collecting non-fungible tokens, Coinbase consumers no longer need to manage their smartphones or submit thousands of confirmations.
Coinbase Wallet aims to compete with well-known providers such as MetaMask. Users will integrate their current Ethereum wallets into the plugin, including MetaMask, which has already been announced. However, they must import using their pass to utilize the new function.
Due to the growth of the DeFi and NFT sectors, cryptocurrency wallets such as MetaMask have grabbed the lead. They provided consumers with a simple way to move funds to decentralized exchanges and different NFT marketplaces to acquire crypto assets that would otherwise be unavailable on centralized platforms. Furthermore, repeated hacking of some exchanges undermined prospective customers’ trust in the security of their funds and dissatisfied current customers, leading them to seek out more autonomous means of holding assets.
Of course, most crypto community members believe that cold wallets in the form of compact USB drives are still the best storage solution.