Coinbase (NASDAQ:COIN) will not lag behind its main rivals. Coinbase is seeking to bolster up its own wallet offering while competitors like Robinhood (NASDAQ:HOOD) and GameStop (NYSE:GME) roll out their own. The startup is branching out into two new blockchain ecosystems, giving customers unrestricted access to thousands of tokens not before accessible.
The Coinbase Wallet, which was launched in the early 2010s, is one of the most popular bitcoin storage choices. It’s one of the first non-custodial wallets, giving users complete control over their private keys. It has only risen in popularity since its inception. The program is being used by people from over 100 different nations.
While Coinbase is a “founding father” of the cryptocurrency wallet sector, it is still up against fierce competition. Custodial crypto storage plays, such as Anchorage Digital’s, are becoming more popular. Institutional investors, a rising group, are drawn to these services. Meanwhile, crypto-centric businesses like Robinhood and GameStop are snatching market share from initiatives like the Coinbase Wallet by creating their own wallets for customers.
With new chain integration, Coinbase Wallet expands significantly.
So, how can Coinbase differentiate apart in an increasingly saturated market? Of course, by increasing its offerings even further. Coinbase is adding two more chains to its Wallet this week, giving customers more storage choices.
The business announced the integration of Binance’s (BNB-USD) BNB Chain and Avalanche (AVAX-USD) for Coinbase Wallet customers in a blog post on Monday. Previously, customers could only store Ethereum (ETH-USD) and Polygon (MATIC-USD) tokens on the site. These two enhancements allow customers to store thousands of additional currencies on the site.
Decentralized exchange trade is on the rise, according to the blog article. These exchanges handled over $1 trillion in assets. Users of Coinbase Wallet, however, were unable to trade their tokens anyplace due to the product’s restricted integrations. These users may now trade across four of the world’s major networks. Users simply need the native currency of the network they want to trade on to conduct these exchanges, according to Coinbase.
While the news is positive for Coinbase, it does not seem to be sparking COIN stock rises. COIN is now down roughly 7% as the market closes for the day. However, the amount of trade is somewhat larger than usual.