US Crypto Exchange Coinbase Reveals Plans to Launch a Crypto App Store

US Crypto Exchange Coinbase Reveals Plans to Launch a Crypto App Store
  • Coinbase has revealed plans to launch a crypto app store.
  • The legal review mechanism has been decreased from 70 to 12 questions.

US-based crypto exchange Coinbase has revealed plans to launch a crypto app store that offers third-party created products. 

Coinbase Reveals Plans to Launch a Crypto App Store

According to the Coinbase blog post, the exchange’s CEO Brian Armstrong announced its app store launch plan. More so, he adds that the crypto industry is still in its early stage. Also, it is evident that every year many economic activities happen in the crypto space.

Armstrong adds,

“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…[tens] of billions of dollars of economic activity running on DApps.”

However, the post made the commitment of Coinbase to increase the number of crypto assets it supports and increase the speed of new listings. Also, it announces plans to decrease its legal review for prospective listings and launch an experimental zone for new crypto assets.

In addition, the legal review mechanism has been decreased from 70 to 12 questions. Notably, many crypto assets do not satisfy the criteria of Coinbase to be listed for trading due to regulatory reasons. More so, this made the exchange believe that it can enable basic wallet functions such as custody and transfer services for most assets.

Moreover, the exchange also added that the Coinbase app will soon support any app created on decentralized crypto platforms. However, the exchange’s users might soon be able to interact with the ongoing DeFi ecosystem through Coinbase’s app.

Coinbase Plans to Launch New Products in Many Countries

Even more, Armstrong also highlights the desire of Coinbase to become a global platform. Added to this, the past characterized Coinbase as presently focusing on delivering its product inside a narrow set of regions. The exchange also plans to launch new products in many countries by default moving forward.

Coinbase’s new plans come as regulators are 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.

Responding to a broader crypto crackdown in China, Huobi banned Chinese users from accessing its derivatives products, in addition to retail traders from the UK.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.