While Binance continued to be on the radar of regulatory watchdogs across the world, its competitor, Coinbase has doubled down on its expansion plans and addition of other important features as it strives to embrace decentralization.
In the latest development, the co-founder and CEO of Coinbase Brian Armstrong admitted that while centralized entities continue to play a crucial role, its decentralized counterpart is largely untapped while offering a massive opportunity for disruption with its growing use cases.
New opportunities that Coinbase aims to tap
In the latest blog post, Armstrong revealed that Coinbase aims to bring more assets under its hood at a much faster pace to keep up with the rapidly growing space. According to the exec, the objective is to list all “legal assets” and enable users on the platform to make their own risk-adjust and educated decisions. The platform also aims to cater not only to the US or UK/EU market but make products accessible globally to provide “economic freedom,” and build a crypto app store for its users.
To improve the asset addition process, the exec aims to lower the burden on asset issuers, create an “experimental” zone for new assets [similar to Binance’s innovation zone], as well as moving towards approving most assets for the purpose of storing, send, and, receiving.
While broadening geographic focus, Coinbase aims to target get especially those international markets that are even more in need of the economic freedom that crypto can provide. Armstrong also flagged the adoption of third-party interfaces and self-custody as priorities in a bid to enable any applications being built on decentralized crypto rails to have access to users of the Coinbase app. In the coming days, the users will be able to opt for self-custody of their crypto in the main Coinbase app.
The CEO of the exchange concluded,
“Coinbase has shown that it can be a great crypto 1.0 company. Our next step is to show that we can be a great crypto 2.0 company. This effort all ties back to our mission, which is to increase economic freedom in the world.”