Coinbase launching a 'one-stop' crypto app designed to simplify user experience

Coinbase announced on Thursday that it is launching a new web app designed to provide users with a single platform for viewing and managing their entire crypto exposure, including tokens, NFTs and DeFi positions.

Users can connect multiple wallets to the new web app, according to a statment. Coinbase executives said the platform will provide users with a "one-stop destination to explore, manage, and engage with people, communities, and businesses on chain."

After last month's launch of the Coinbase smart wallet, the company's Senior Director of Product Management, Sid Coelho-Prabhu, said users suggested the company create an easy-to-use hub.

"We got feedback that users were like ‘I also want to manage assets. I want to have a place to go everyday to see what’s happening on chain and manage my on-chain portfolio,'" Coelho-Prabhu told The Block.

Coelho-Prabhu said one of Coinbase's major goals with the rollout of the new web app is to bring all of the exchange's roughly 100 million users "on chain."

"This is one big step in that direction. A user that we send to this portal is going to have a really easy way to set up a wallet, if they have multiple wallets they can configure that as well," he said. "They can do all of the basic on-chain financial activity they want whether it's buying or trading or anything like that. And they can see what else is going on, on chain."