Coinbase CEO Brian Armstrong has announced via blog post, that the company is taking a page from Apple’s playbook and launching a crypto-focused app store.
According to a recent blog post on Coinbase written by the company’s CEO, plans are in place to launch a crypto app store that offers third-party decentralized apps (dApps). The blog post suggests the idea was inspired by Apple’s Storefront and Coinbase wants to provide the same type of service and the opportunity for developers to put their designs on the app store.
“Apple didn’t attempt to build every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps. We need to do the same in crypto,” Armstrong writes.
Armstrong goes on to state that there are tens of billions of dollars passing through dApps and innovations are coming in hot and fast. Coinbase will try to give its users access to all of these dApps from one central location. dApps differ from traditional mobile apps because they do not operate on centralized infrastructures, but use pooled resources.
Thousands of computers globally share their computing power and almost as many dApps are already in circulation. While they are free from any control, they are also free from having a place to be found other than searching the old-fashioned way. Coinbase’s users will be able to access the store via integration between the marketplace and their current wallets on Coinbase’s exchange. The blog did not state any timeframe for the launch of the App Store.
Other tasks on Coinbase’s to-do list
The post by Armstrong touched upon a few other projects and goals that Coinbase has set forth aside from the dApp store. One such goal is the desire to add more assets to Coinbase and to add new coins much faster than the current speed. The current process for evaluating new assets to list on Coinbase requires analyzing legal and security compliance along with a number of other related risks.
While Armstrong states that the process is essential to maintaining a responsible business, he does admit the vetting must be done quickly. “We need to treat asset issuers as the very important customers they are, rolling out the red carpet, and courting them, and promptly responding to their inquiries,” believes the CEO.
Another issue which Coinbase is posed to tackle is its global expansion. While the company is global and is offered in more than 100 countries, Armstrong wants more. According to him, Coinbase needs “to move from shipping products that cater only to the US (or UK/EU) to shipping products that work globally.”