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DeFi Sunday: Coinbase makes DeFi access easier with a new extension

The electronic wallet of the well-known cryptocurrency exchange Coinbase comes with a new extension for the Chrome browser. According to the company, the goal is to facilitate access to decentralized applications and decentralized finance for many of their users.

Chrome integration promises to make DeFi easier to access for mainstream users

Decentralized finance is still a relatively complex issue for many users, despite a huge increase in interest. The main problem is still the user interface and handling of individual applications, which discourages a large number of cryptocurrencies fans. This is one of the reasons why Coinbase is trying to simplify access to DeFi through its wallet application and new extension.

Until now, Coinbase Wallet has required relatively complex QR code scanning to access, for example, decentralized exchanges. According to the new information, this is over and users of this wallet will be able to interact with DeFi through an extension in the Chrome browser, which works similarly to MetaMask.

One million users on the way to decentralized exchanges, thousands of cryptocurrencies and NFTs

The chief product manager said that wallet users can now access various dApps through a one-time setup through Chrome. However, he added that they would continue to receive a notification on the phone requesting verification of the transaction, which is an important security feature given the risks associated with storing private keys in a browser add-on.

Coinbase Wallet download Coinbase Wallet download, Source: shutterstock.com "The new extension allows for instant access to dApps on desktop — after linking your Wallet account to the extension once, you are free to browse all dApps with one click. This includes accessing thousands of cryptocurrencies, trading on decentralized exchanges (DEXes), earning interest, and collecting NFTs. "

The Chrome extension is said to be part of the company's larger goal of increasing the availability of DeFi for mainstream users. Coinbase openly admits that the current experience with DeFi is not ready for the mainstream, but believes that this will change significantly in the near future. In addition, Coinbase Wallet already has a million users who are sure to enjoy these reports, and the company is likely to bring a lot of new ones. Coinbase also declares its interest in education in this area so that their customers can obtain information about the wallet itself and its access to the DeFi sector.

MetaMask remains the most popular extension of Chrome, and Coinbase has to contend with competitors such as My Ethereum Wallet (MEW) and Rainbow in this field.

Slavomír is working in the field of cryptocurrencies since 2018. As a Co-Founder and Chief Marketing Officer of Dollero Technology, which is currently developing a crypto exchange ...

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