Coinbase had made headlines not too long ago when it announced that it was going public on Nasdaq. This move prompted other similar exchanges and various other institutions to consider going public as well. Now, the popular crypto exchange has grabbed everyone’s attention again, this time because of its plans to introduce a new crypto app store in the near future.
One of Coinbase’s main goals has been to increase its overall worldwide presence, as there are so many exchanges now available to the general public that it can prove difficult for any crypto exchange to maintain its top position for an extended amount of time. To that end, new products shall be launched by Coinbase soon ‘in numerous nations by default.’ These new products will thus include the aforementioned cryptocurrency app store as well.
Why the app store is needed
The app store shall be providing various 3rd party developed products to Coinbase’s respective clientele. Earlier today, Brian Armstrong (Coinbase’s CEO) had penned a blog post through which it had been announced that an app store centered around cryptocurrencies should be introduced soon. He went on to say that although the cryptocurrency economy remains in a relatively early stage as of now, it is nevertheless abundantly clear that there is a rapid increase as far as economic activities pertaining to the crypto industry and market are concerned.
He provided a comparison to Apple, claiming that the multinational technology conglomerate never tried to construct every single application just for its iPhone product alone, but rather the company chose to empower its developers and subsequently provided mobile users with the ability to access all kinds of new and innovative applications in a readily accessible manner across multiple devices. The Coinbase CEO believes that the same concept needs to be applied to cryptocurrency. He concluded by stating that as of this moment, economic activities worth potentially billions of USD are currently operating on decentralized apps (dApps).
The abovementioned post had also highlighted the exchange’s commitment towards continuously expanding the overall amount of cryptocurrency assets that it can support at any given time, as well as increase the speed of how frequently new listings can be added. Additionally, Coinbase has intentions of decreasing its legal review process for various new listings and will even launch a new ‘experimental zone’ for prospective crypto assets.
The process of legal review will therefore be drastically reduced from being around 70 questions to only 12 in the near future, making it easier for new listings to take place at an accelerated pace.