Coinbase has added a Chrome browser extension to its native wallet. The move comes against the background of the crypto exchange’s shares continuing to plummet, having now dipped below $250.
Coinbase is one of the leading cryptocurrency exchanges in the world and the largest in the US. The exchange has now fully integrated the chrome browser extension to make trading on its website even easier. The extension will also help meet the increased demand for cryptocurrencies and enable direct access of DeFi and dApps by linking the Coinbase wallet to the browser extension.
Enable Easy Access to DeFi
A recent blog post shows that over a million users of Coinbase use dApps such as Compound and Uniswap directly. However, to access the dApps, users were tasked with scanning QR codes using their phones. The new extension will make the process easier and improve user engagement with dApps.
Users on Coinbase will now access a wide range of services and enjoy incredible benefits such as NFTs, trading on decentralized exchanges and access different cryptocurrencies to trade with.
The exchange is a non-custodial wallet. Users on the platform have to manage transactions using the mobile app to boost the exchange’s security. Crypto transactions have to be started on the website before being confirmed using the mobile app. The Coinbase wallet offers private keys that improve the security of the exchange.
The Coinbase private keys will be encrypted using a secure Keystore of the mobile device by adding the Chrome browser extension. The keys will be kept secure using a PIN or a biometric verification process.
Coinbase Shares Plummet below $250
One of the iconic things that the exchange has achieved in the crypto industry is becoming the first to go public. The addition of the Chrome extension for its wallet, could have a positive impact on its sagging share price.
However, the shares of Coinbase are directly related to the performance of the crypto market, and the recent plunge is attributed to the plummeting prices of cryptocurrencies.
Bitcoin has been falling in recent weeks and has gone below $50,000, and with this downward spiral, Coinbase shares are struggling. The shares are currently trading below $250 and some, like the CEO of New Constructs, David Trainer, expect the bearish trend to continue to below $100.
Another investor who has expressed concern about Coinbase shares is Mathew Wheeler, the head of Forex.com, stating that DeFi alternatives such as Uniswap are creating immense competition for the exchange to keep up with.
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