by Viktor A 

June 30, 2021

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Cryptocurrency exchange Coinbase is perhaps the most well-known name in the world of digital currencies, and is among the leading names in the US, UK, Germany, and Japan. The company has more that 4 million users, and has been operating for over 7 years. It is headquartered in San Francisco, California, and was founded by Brian Armstrong, Fred Ehrsam, and Arthur Hayes.

Coinbase is an online wallet and exchange that allows you to buy and sell cryptos. The company recently announced plans to open its own crypto exchange in 2018, after originally announcing plans to open an off-chain exchange in 2016.

Coinbase has long been a favorite among traders, offering the ability to easily buy and sell cryptocurrency using fiat currency. But Coinbase is gradually diversifying its product, with plans to focus more on its security features.

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Coinbase ‘ DeFi

Coinbase, like other centralized exchanges, recognizes the need for decentralization in the future.

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Coinbase, like other centralized exchanges, recognizes the need for decentralization in the future.

Coinbase shared its plans to focus on global and third-party products

According to Coinbase CEO Brian Armstrong, Coinbase believes that our centralized products (CeFi) will continue to play an important role in the growth of the crypto economy.

However, Coinbase recognizes that the decentralized crypto economy will also be a key growth area and plans to include it in its product roadmap. They cite NFTs and dApps as examples of rapid growth.

We support decentralization at Coinbase

– Brian Armstrong (@brian_armstrong) 29. June 2021

To get the decentralization process started, Coinbase is looking to list more assets faster. The exchange, which still doesn’t trade many ERC20 tokens and only recently added Solana, wants to take away the focus on risk-based solutions to speed up the process.

The company also plans to transfer products destined for the United States, the United Kingdom, the European Union and Japan to the rest of the world. In addition, Coinbase wants to create an app store for cryptocurrency and give its users access to tens of billions of dollars of economic activity performed on dApps.

Other exchanges go to DeFi

The premise of BitGo is that although digital assets are decentralized, ironically the current markets in which we trade digital assets, including bitcoin, are the most centralized markets in the world.

Gemini also believes that with disintermediation as the central philosophy of the blockchain community, decentralized exchanges – or DEX – are gaining popularity alongside traditional centralized exchanges (CEX). Decentralized exchanges like Uniswap reached about $1 billion in daily volume, while Coinbase reached about $2.5 billion. It will be interesting to see how the DEX market evolves as CeFi companies switch to DeFi.

Cryptocurrency exchange Coinbase tackles decentralization in future products

Coinbase has become a household name for crypto enthusiasts in the US and other parts of the world, due to its highly popular digital-coin exchange and wallet service. However, the company’s ambitions keep growing. The aim is for Coinbase to become a crypto-currency-only financial product from which users can buy and sell Ethereum (ETH) and Bitcoin (BTC).

Read more about institutional support for bitcoin and let us know what you think.

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Viktor A

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