Coinbase, the largest American cryptocurrency exchange, has rebranded its wallet to Base App. The application integrates social networking, mini-apps, chat, payments, and trading.
From July 16, Base App is available in beta for users on the waiting list. The app features a social feed based on the Farcaster protocol, allowing users to tokenize posts via Zora, receive tips, and earn weekly rewards for activity. Users can also track friends’ trades and exchange tokens directly in the feed.
Base App includes mini-apps ranging from games to prediction markets. The app supports USDC payments with a single tap via NFC and encrypted messaging on the XMTP protocol.
Upon registration, users receive a Base Account—a smart wallet that operates across different apps and networks.
The company also introduced Base Pay, a payment service for “near-instant USDC transactions.” Merchants on Shopify can already integrate it. Shopify added the ability to accept stablecoin payments in partnership with Coinbase and Stripe in June.
The exchange’s team stated that the company’s goal is to simplify on-chain activity to the level of regular apps. After beta testing, a phased public launch will commence.
Rewards in Base App are unavailable in the European Union and Canada.
Interest
Coinbase’s app rating in the App Store, considered an indicator of retail investor interest, has surged. Historically, a sharp rise in Coinbase’s app popularity coincided with market euphoria, noted The Block. High rankings often preceded corrections when retail investor excitement peaked and began to wane.
However, in the current cycle, the situation may change, according to experts from the publication. Competition in the cryptocurrency trading app market has increased. Platforms like Robinhood and other exchanges may rival Coinbase.
According to the publication, several crypto apps could simultaneously enter the App Store’s top rankings. This would reduce the platform’s role as the sole indicator of retail investor sentiment.
source: coinbase