Coinbase Rolls Out Direct Access To Ethereum-Based Dapps For Select Users

Cryptocurrency exchange Coinbase Global Inc COIN has enabled direct access to Ethereum-based ETH/USD decentralized applications (dapp) from its platform for a small set of users.

What Happened: In a blog post on Monday, Coinbase said its new dapp wallet and browser extension would give a few U.S.-based users access to DeFi and NFT marketplaces directly from its app.

The new feature will first be rolled out to a small number of Android users, with plans to expand it to all users soon.

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Users with access will be able to buy NFTs on decentralized marketplaces like OpenSea and trade on decentralized exchanges like Uniswap (UNI) and Sushiswap (SUSHI), and lend and borrow on DeFi platforms like Compound (COMP)  without leaving the Coinbase app.

“With today’s launch, users can explore dapps without having to manage a recovery phrase,” said Rishi Dean, Coinbase’s director of product management.

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The dapp wallet is powered by a multi-party computation technology that assigns an on-chain wallet to each user secured by Coinbase.

“This is due to the way this wallet is set up, which allows the ‘key’ to be split between you and Coinbase. Ultimately, this means if you lose access to your device, the key to your dapp wallet is still safe and Coinbase can assist in recovery through our live support,” said Dean.

Price Action: According to data from Benzinga Pro, COIN shares closed 9.09% lower on Monday, but spiked 5.35% after the bell.