On Wednesday, Coinbase updated its non-custodial wallet for mobile devices. An announcement states that the new features will include support for the Solana blockchain, a dark mode, and a new tab to browse and investigate decentralized finance (DeFi) initiatives. (Solana was added to the desktop browser version last year.) Price charts and an exclusive NFT indexing technology are adding new features.
However, there are no plans to include the cost of gas fees with this redesign, unlike Robinhood’s planned self-custodial wallet. Instead, with support already in place for Ethereum layer two solutions like Optimism and Polygon, Coinbase has added what it sees as scalable blockchains, such as the recent inclusion of Solana. The news was released a week after the corporation revealed a layoff plan. The public cryptocurrency exchange reduced its personnel by 18%, citing market instability. In response to the news, its shares swung lower by 5%.
Polygon and Ethereum Will Introduce Other Networks
The Block earlier stated that the share price of Binance’s US division fell due to the announcement that some bitcoin pairings would no longer be subject to trading fees. For a token to appear right away following payment. Initially, this feature will support Polygon and Ethereum but will introduce other networks. Users keep assets instead of a centralized body via a noncustodial wallet, giving them unlimited access to the DeFi ecosystem.
In contrast to its prior web3 early adopter population, Coinbase intends to target a broader audience with its new version of the wallet, according to Siddharth Coelho-Prabhu, the head of Coinbase Wallet. However, it might put them at risk of volatility in the present DeFi market, which is still reeling from the shock of previous market occurrences like the Terra blockchain’s collapse in May.