- Coinbase launches Base App to replace Wallet, expanding its crypto ecosystem.
- Base App social feed lets creators tokenize posts, earn weekly rewards.
- Base Pay offers one-click USDC checkout, cashback, Shopify integration this year.
Coinbase has taken another big step in expanding its crypto ecosystem. On July 16, the company launched the Base App. This new app will replace the old Coinbase Wallet. The Base App is developed as an all-in-one solution to social networking, crypto trading, payments, and mini-apps.
Base App Beta Launch Brings Social Trading to Crypto Users
This launch was declared on the special event of Coinbase called A New Day One. During the event, the company unveiled its larger vision of Base. Base will now serve as a three-part system. It has the Base Chain, a Layer 2 network on Ethereum. Then it provides Base Build, a developer toolkit. Lastly, there is the new Base App, which is designed to help the general users connect to everything on-chain.
At the moment, the Base App is beta. Individuals who completed the waitlist received access on July 16. The app has numerous new features. Its social feed is one of the highlights. The Farcaster protocol can be used on this feed, allowing creators to transform every post into a token using Zora. It implies that users will be able to get tips and sales based on their posts. They can also be rewarded weekly when their posts have many engagements.
The other interesting aspect is that users will be able to know what their friends are trading in real-time. They do not have to leave the feed to exchange tokens. This makes trading in crypto more social and interactive.
According to John Granata, the leader of the Base App team, the objective is to promote economic freedom, creativity, and innovation. He is confident that this app can serve as the very beginning of a new type of social network that would be centered around crypto.
Base Network Targets Shoppers, Creators with Fast USDC Payments
In addition to social features, the app has Base Pay. This is a single-click checkout for USDC payment. Coinbase developed this functionality on Shopify. Initially, Base Pay is applicable in online payments. Coinbase currently intends to introduce it to physical stores as well by the end of this year. Crypto payments may become simplified by all people through the tap-to-pay option.
According to Alex Danco of Shopify, tens of thousands of Shopify merchants now have access to receive USDC payments using Base Pay. All Shopify merchants will be able to do this by the end of the year. He also announced that customers in the U.S. will enjoy a 1 percent cash back when they use USDC to pay on Base.
To date, the Base network has been a magnet mainly for developers and crypto builders. But this time, Coinbase is interested in attracting more ordinary users. To give an example, JPMorgan has lately declared its intention to introduce a deposit token on Base blockchain. According to fans of Base, the network can clear payment within less than a second and at less than a cent. This may be able to make crypto payments increase at a greater rate than ever.
Coinbase is also paying attention to assisting creators. The company believes that the app will provide new monetization means to creators of posts. They will gain greater control of their content, identity and data. Coinbase will finance creator rewards in order to make this idea fly. It will also eliminate the fee of transacting USDC within the chat of the app.
