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Coinbase is seeking to expand its worldwide footprint, revealing plans to introduce new products “in most countries by default” in the future, including a cryptocurrency app store.
Top U.S.-based centralized crypto exchange, Coinbase, has announced plans to launch a crypto app store offering third-party developed products.
A June 30 blog post penned by Coinbase CEO Brian Armstrong revealed its plans for an app store, stating that while “the crypto economy is still in its early stages, […] it is clear that every year more and more economic activity will take place on crypto rails.”
“Apple didn’t attempt to build every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps. We need to do the same in crypto.”
Armstrong predicted that “tens of billions of dollars of economic activity are now running on DApps.”
The post also underlined Coinbase’s commitment to increase the amount of crypto assets it supports and the speed with which new listings are added, stating intentions to decrease legal scrutiny for prospective listings and establish a “‘experimental zone’ for new assets.”
The number of inquiries in the legal review procedure will be decreased from 70 to 12.
While many assets may not fulfil Coinbase’s standards for trading owing to regulatory requirements, the exchange thinks it can provide basic wallet functions such as custody and transfer services for “most assets.”
The exchange also states the Coinbase app will soon support “any app built on decentralized crypto rails,” suggesting the exchange’s users may soon be able to interact with the burgeoning DeFi ecosystem through Coinbase’s application.
Armstrong also highlighted Coinbase’s desire to become a “global” company. While the post characterizes Coinbase as currently focusing on delivering its products within “a narrow set of regions,” the exchange hopes to launch new products “in most countries by default” moving forward.
Coinbase’s new intentions come at a time when authorities are aggressively targeting internationally functioning crypto exchanges, with the United Kingdom’s Financial Conduct Authority ordering Binance to halt all “regulated activities” in the country.
In response to a larger crypto crackdown in China, Huobi barred Chinese customers, as well as retail traders from the United Kingdom, from accessing its derivatives products.
The financial authority of the Canadian province of Ontario accused Bybit and Kucoin of breaching provincial securities rules in April, and Bybit was also chastised by Japan’s Financial Services Agency the following month.