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Popular cryptocurrency exchange, Coinbase, announced its desire to start a crypto app store where to offer third-party developed products.
CEO Brian Armstrong revealed its plans for an app store in a company’s blogpost on Tuesday. In the article titled “Embracing decentralization at Coinbase”, he said that although “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.”
He further said that:
“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.”
According to Armstrong there are around “[tens] of billions of dollars of economic activity running on DApps.”
Armstrong reiterated Coinbase’s desire to become a leading “global” company by launching new products “in most countries by default”. He further confirmed Coinbase’s commitment to broaden the number of crypto assets it supports and also to up the speed by which it introduces new listings. To make this possible the exchange will reduce its legal review for prospective listings from 70 to 12 questions and start an “‘experimental zone’ for new assets.”
The CEO further said to tap into the DeFI ecosystem by stating that the Coinbase app will soon support “any app built on decentralized crypto rails.”