Coinbase launches an app store for cryptocurrencies

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The leading US crypto exchange Coinbase announced that it intends to launch a cryptocurrency app store offering products developed by third parties.

Brian Armstrong, managing director of Coinbase, revealed that the crypto exchange has plans to open a crypto app store. In this app store, third parties could develop and host your products.

Armstrong said in his post on Medium that, among other things, the emergence of decentralized financial markets (Defi), non-fungible tokens (NFTs), smart contracts, decentralized autonomous organizations (DAOs) for Coinbase created the need to expand its services to facilitate more people’s access to the decentralized economy.

To make these new innovations more accessible, Coinbase will set up a crypto app store. „Instead of developing all iPhone apps themselves, Apple left the field to developers and made it easier for mobile device users to access new innovative apps. We need to do the same for the crypto space.“

The desire to launch a crypto app store is the entry into the decentralized economy. According to Armstrong’s estimates, the decentralized economy is worth tens of billions of dollars. With the introduction of an app store that supports dApps, Coinbase facilitates access to these products. The crypto exchange is also trying to improve various business areas.

Armstrong said Coinbase is working to make more assets available to its users, even faster. Unlike its major competitor Binance, Coinbase is known for listing only a few cryptocurrencies. However, Armstrong wants to speed up Coinbase’s review process and list as many coins as legally possible.

Armstrong wants to make Coinbase a global crypto exchange. So far, their focus has been on the US, the UK and the EU. However, the exchange wants to expand beyond these regions and cover more areas.

We are now a global company that offers its products in more than 100 countries. We need to move from products intended only for the US( or UK / EU) to products that work worldwideArmstrong said.

In the coming months, the exchange will expand its offering and announce its plans.