Coinbase announces plans for crypto-based app store

Coinbase has announced plans to launch a crypto app store offering third-party crypto products.

Coinbase announces plans for crypto-based app store

Coinbase CEO Brian Armstrong revealed its plans for an app store in a blog, 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 said.

The blog post also emphasized exchange’s commitment to expanding the number of crypto assets it supports and increasing the speed of new listings, along with announcing plans to reduce its legal review for prospective listings and launch an experimental zone for new assets.

The post further stated Coinbase app will soon support any app built on decentralized crypto protocol, suggesting the exchange’s users may soon be able to interact with the DeFi ecosystem through Coinbase’s application.

Armstrong also highlighted Coinbase’s goal to become a global company. 

Coinbase’s new plans come as regulators are increasingly taking aim at globally operating crypto exchanges, with the United Kingdom’s Financial Conduct Authority ordering Binance to cease all regulated activities in the jurisdiction.

Read: 13 more crypto firms reportedly withdraw licensing applications in the UK