Coinbase has rolled out Web3 app functionality including a hot wallet and browser for a limited set of its mobile app users.
The app will let a select set of users access decentralized apps on the Ethereum network such as Uniswap and OpenSea.
Rishi Dean the of Director of Product Management Coinbase’s said eligible users would be able to initiate trading on NFT marketplaces, making swaps on decentralized exchanges and interacting with decentralized finance lending protocols to borrow and lend funds.
Along with the mobile browser that provides access to Dapps, there is a hot wallet that customers can use to exchange funds. The Coinbase hot wallet will have a co-custodial setup. This means that the private key for the wallet will be stored by the company and can be personally stored by the user.
The wallet and Dapp functionality are operated with Multi-Party Computation technology, which secures the privacy of senders and receivers while ensuring the accuracy of a transaction.
Dean stated that sharing custody of the keys is a security feature designed to protect users from device-related problems.
