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Coinbase, the American cryptocurrency exchange, has transitioned its Coinbase Wallet into the newly branded Base app, marking what the company describes as a fresh phase in its ecosystem’s evolution.
This innovative app integrates cryptocurrency, social interaction, payment solutions, and mini-apps, all supported by its Ethereum Layer 2 Base network.
Coinbase’s Comprehensive Solution
In a blog post on July 16, the company announced the introduction of an “everything app,” designed to facilitate users in creating, earning, trading, exploring apps, and connecting with friends.
“The Coinbase Wallet has transformed into the Base app, progressing from a simple wallet to an all-encompassing application… Users can manage assets, share posts, network with others, and directly earn from their contributions,” the post stated.
The launch was unveiled at the “A New Day One” conference hosted by the company in Los Angeles. John Granata, Head of Product, mentioned that the app was developed to “enhance economic freedom, creativity, and innovation,” suggesting it could lay the foundation for a new social networking paradigm.
Coinbase CEO Brian Armstrong emphasized during his address that this launch is in line with the company’s enduring goal of broadening economic freedom through cryptocurrencies. He noted that this product signifies a move away from conventional finance, aiming to establish a globally accessible, permissionless platform.
The Base app commenced its beta phase for those on the waiting list on July 16. It includes a novel social feed based on the Farcaster protocol, where users can tokenize their posts with Zora, earn via direct tips and purchases, and receive weekly rewards for engagement. This feed also allows users to track friends’ trading activities and swap tokens instantly without leaving the screen.
Within the app, users can find mini apps such as Remix, Noice, and Decentralized Pictures. It also enables one-tap USDC payments through NFC and offers secure XMTP chat, where users can trade tokens, earn yields, share content, or interact with AI agents.
Base Pay Debuts on Shopify
New platform registrants will receive a Base Account, a smart wallet compatible with multiple apps and networks. Coinbase has also launched Base Pay, a checkout feature that facilitates quick USDC payments.
Following its recent collaboration with Shopify, this feature is now accessible to merchants on the e-commerce platform. Later this year, U.S. customers will benefit from a 1% cash back incentive when using USDC for payments. However, Base App rewards are unavailable in the EU or Canada. The company anticipates a gradual public rollout after the beta stage and has encouraged developers to incorporate “Sign in with Base” into their products.
The article “Coinbase Unveils Base App, Merging Cryptocurrency with Social Networking” initially appeared on CryptoPotato.
