Coinbase’s new crypto app store

Coinbase, the top centralized cryptocurrency exchange headquartered in the United States, has announced plans to launch a crypto app store that will provide products developed by third parties.

A blog post written by Coinbase CEO Brian Armstrong on June 30 revealed plans for its app store, stating that although “the crypto economy is still in its early stages, […] it’s clear Every year, more and more economic activities take place on the encrypted track.”

“Apple is not trying to build all applications for the iPhone. It empowers developers and provides mobile users with easy access to new and innovative applications. We need to do the same thing in the encryption space.”

Armstrong estimates that now “[tens of] billions of dollars in economic activity are running on DApps.”

The post also highlighted Coinbase’s commitment to expanding the number of crypto assets it supports and increasing the speed of new listings, announcing plans to reduce legal review of potential listings, and launching a “test zone” for new assets.

The legal review process will be reduced from 70 questions to 12 questions.

Although it is noted that due to regulatory reasons, many assets may not meet Coinbase’s listing and trading standards, but the exchange believes that it can provide basic wallet functions for “most assets”, such as custody and transfer services.

The exchange also stated that the Coinbase application will soon support “any application built on a decentralized encrypted track”, which indicates that users of the exchange may soon be able to use the Coinbase application and the emerging DeFi ecosystem To interact.

Armstrong also emphasized Coinbase’s desire to become a “global” company. Although the post describes Coinbase as currently focusing on delivering its products within a “narrow set of areas,” the exchange hopes to launch new products “in most countries by default.”

Coinbase’s new plan comes as regulators are increasingly targeting cryptocurrency exchanges operating globally, and the UK Financial Conduct Authority ordered Binance to cease all “regulated activities” in the jurisdiction.

In response to China’s broader cryptocurrency crackdown, in addition to retail dealers from the UK, Huobi also banned Chinese users from accessing its derivatives.

In April this year, the financial regulator in Ontario, Canada accused Bybit and Kucoin of violating local securities laws, and Bybit was also criticized by the Japanese Financial Services Agency in the following month.

Related: Coinbase promises to add trading in more cryptocurrencies

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