Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More
The exchange is all set to allow its users to “engage in the exciting world of dapps” while preparing to “accelerate asset addition,” starting with Dogecoin and proposing a private offering of $1.4 billion of convertible senior notes to make acquisitions.
Cryptocurrency exchange Coinbase announced a new Coinbase Wallet extension to allow its users to connect to dapps and DeFi on the desktop more easily and securely.
Coinbase Wallet is non-custodial, meaning it is user-controlled, and with the new extension, its private keys are encrypted using the secure enclave or keystore of the mobile device.
“We want to empower millions of more customers to engage in the exciting world of dapps and the larger crypto ecosystem,” said Sid Coelho-Prabhu, Coinbase Wallet lead.
With this latest development, Coinbase allows its more than 150 million users access to the world of decentralized finance (DeFi) — trading thousands of cryptos on decentralized exchanges (DEX), earning interest, and collecting NFTs.
“More than a million Coinbase Wallet customers regularly use dapps like Uniswap and Compound.”
Users can also link their Coinbase account to the Wallet and buy and transfer crypto to use in DeFi without even leaving the Wallet.
Accelerating Asset Addition
Recently, Coinbase had announced its Q1 2021 results, which beat Wall Street estimates and as we reported during the earnings call, company CFO Alesia Haas said that they are working on adding more crypto assets to its platform to capture the increased trading volume.
Interestingly, meme coin Dogecoin is one such crypto the company investors are particularly invested in. During the company's earnings call on Thursday, CEO Brian Armstrong said that the company is preparing to list DOGE, which he noted: “has been getting a lot of attention recently.” DOGE -1.97% Dogecoin / USD DOGEUSD $ 0.20
$0.00-1.97% Volume 850.52 m Change $0.00 Open $0.20 Circulating 131.47 b Market Cap 26.36 b 5 d Google Searches for Bitcoin Hit Dec 2020 Level, Interest in NFTs Surpass DeFi Significantly and Matched Ethereum Briefly 5 d Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted 5 d AMC Theaters CEO Is Considering Adding Payment Support for DOGE By Year-End
“We plan to list DOGE in the next six to eight weeks,” he said during the call. “And then, more broadly, we're going to be focused on how we can accelerate asset addition in the future.”
“There's more and more assets being created in the crypto economy,” Armstrong said. “I think it's going to be something kind of like apps in the App Store on the iPhone.”
People apparently put shares toward voting for topics at Coinbase's shareholder meeting.
The 2nd most voted topic, with 88.8k shares put toward it, was about profit and revenue growth.
The 1st most voted topic was about adding Dogecoin.
1.5 million shares put toward it.
— Shibetoshi Nakamoto (@BillyM2k) May 14, 2021
Meanwhile, the price of COIN shares remains subdued and trades under $250, on a downtrend ever since its listing in the mid of last month when it traded briefly at $430 on its debut day, in line with the Bitcoin market.
To be sold to qualified institutional buyers, “this capital raise represents an opportunity to bolster Coinbase’s already strong balance sheet with low-cost capital that maintains operating freedom and minimizes dilution for Coinbase’s stockholders,” it said.
The company intends to use the net proceeds for general corporate purposes, enter into additional capped call transactions, and make investments in and acquisitions of other companies, products, or technologies.
“Just went public… using the debt markets already… probably smart to take cash if markets/revenues are expected to decline significantly… or go through another hypergrowth cycle,” commented Gabor Gurbacs, Director at VanEck, on Coinbase’s latest move.