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Crypto Exchange Coinbase Reveals New DApp Wallet and Browser for Ethereum (ETH) Network

US-based cryptocurrency trading platform Coinbase is launching new ways for users to access decentralized applications (DApps) in the Ethereum (ETH) ecosystem.

The cryptocurrency exchange says it is launching a new DApp wallet and browser that will allow users to purchase digital collectibles, trade crypto assets on decentralized exchanges, and participate in decentralized finance (DeFi).

The new Ethereum-based wallet and DApp browser will be directly accessed from the Coinbase app and will initially be available to a limited number of US users. The DApp wallet and browser will also initially be available on the Android mobile operating system.

“We will launch the ability for a small set of Coinbase app users to access Ethereum-based DApps directly from the Coinbase app. This includes buying NFTs [non-fungible tokens] on marketplaces like Coinbase NFT and OpenSea, trading on decentralized exchanges like Uniswap and Sushiswap, and borrowing, lending or trading on DeFi platforms like Compound and Curve.”

According to Coinbase, interest in DApps and the third generation of the internet, or Web 3.0, skyrocketed with the total value locked in Ethereum-based DeFi protocols exceeding $110 billion, while token sales did not. Fungibles (NFTs) topped the US$30 billion. in the last 12 months.

One of the features of the new Coinbase DApps is an improved recovery process in case of loss of access to a device.

“With today’s release, users can explore DApps without having to manage a recovery phrase.

This innovative DApp wallet experience is powered by Multi-Party Computation (MPC) technology that allows you to have a dedicated on-chain wallet that Coinbase helps keep secure. This is due to the way this wallet is set up, which allows the ‘key’ to be split between you and Coinbase.

Ultimately, this means that if you lose access to your device, your DApp wallet key will still be safe and Coinbase can help you with recovery through our live support.”

Crypto exchange Kraken’s new NFT market to issue loans

Jesse Powell said the exchange will expand into a market for non-fungible tokens and loans guaranteed by NFT starting in 2022.

Kraken founder and CEO Jesse Powell recently shared in an interview with Bloomberg News that the crypto exchange will launch a non-fungible token (NFT) marketplace that will allow users to borrow funds against their NFTs.

Powell explained that the company plans to enter the NFT space in early 2022 and hopes to add the ability to determine the liquidation value of an NFT and whether it can be placed as collateral for a loan.

“If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account,” Powell said.

However, the value of NFTs is across the spectrum and only a small percentage of token owners own a digital collectible valued as much as a CryptoPunk, the minimum price of which is 66.9 Ether (ETH) or $ 273,673 at the time of. the publication.

According to Powell, the NFT utility will explode next year:

"Phase one was speculation, phase two is buying art and supporting artists, phase three will be the functional use of NFT."

Additionally, Kraken recently acquired Staked, an infrastructure platform that enables custodial encryption, in an effort to attract new investors. Kraken customers will now be able to earn crypto income and rewards while maintaining control over their digital assets.

Kraken was founded in 2011 and has grown into one of the largest crypto exchanges in the world, ranking among the best in terms of average liquidity, volume and reserves of digital assets, according to data from CoinMarketCap.

Kraken’s announcement demonstrates how NFT-backed loans are becoming increasingly common as more DeFi platforms like Arcade and Nexo offer this new loan model. As Cointelegraph recently reported, Arcade closed a $ 15 million funding round in December as part of a broader effort to increase its offerings and attract more investors to its guaranteed NFT platform.