Coinbase Embraces Decentralization, Will Accelerate Asset Review and Build Crypto App Store

Brian Armstrong recently posted that decentralized finance (DeFi) is the future of where the industry is headed.

Coinbase Embraces Decentralization, Will Accelerate Asset Review and Build Crypto App Store

Coinbase CEO Brian Armstrong said in a blog post on Tuesday that decentralized finance (DeFi) is the future of where the industry is headed.

Coinbase wants to add assets to its platform faster, expand the geographic reach of its services, and build an Apple-like crypto app store that gives customers easy access to DApps.

In the article, Armstrong writes, “Apple empowers developers and provides mobile users with an easy way to access new and innovative apps. We need to do the same thing in crypto. There are billions of dollars of economic activity running on DApps right now, and a new trend is emerging every three months. We will work to make all of this easily accessible to our users from Coinbase’s main product.”

In the near future, he said, Coinbase will reduce the legal review of evaluating asset issuers from 70 questions to 12 questions and create a more effective compliance and security review process.

Coinbase Embraces Decentralization, Will Accelerate Asset Review and Build Crypto App Store

Coinbase will also build a “new asset lab” to ensure the company can provide customers with a more comprehensive risk map and take steps to give users access to basic wallet functionality for most assets, with the option for customers to self-host their cryptocurrencies in the Coinbase app.

In a blog post on Tuesday, Armstrong described how his cryptocurrency exchange will meet the growing demand for DeFi’s products and services.

He wrote, “We are seeing crypto rapidly maturing, trading thousands of new assets and adopting new use cases, including DeFi, NFT, smart contracts, decentralized autonomous organizations (DAOs), and more.”

Coinbase Embraces Decentralization, Will Accelerate Asset Review and Build Crypto App Store

He promised to roll out more products to new international markets while still working with regulators and said “users of the Coinbase app will be able to access any app built on a decentralized crypto track. Customers’ wallets and identities should be seamlessly integrated into these applications.”

The crypto economy is growing at an incredible rate and will continue to accelerate. Much like the Internet or mobile app stores, developers are scrambling to develop new use cases using new tools that

Armstrong concludes the article by writing, “This effort relates to our mission, which is to increase economic freedom in the world. Many of the most innovative crypto use cases are being created in decentralized applications. By fully embracing this trend, we can put cryptocurrency in the hands of more people around the world, thereby increasing their economic freedom.”

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