Coinbase has introduced a new developer tool designed to simplify wallet onboarding and enhance technical capabilities, aligning with the recent pro-crypto legislation in the U.S.
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Coinbase’s Embedded Wallets tool provides developers with access to infrastructure for a forthcoming decentralized exchange.
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Users can earn 4.1% APY on USDC balances held within the wallets, enhancing user engagement.
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The tool targets developers in DeFi, gaming, payments, and Web3 social media sectors.
Coinbase’s new developer tool simplifies wallet onboarding and enhances technical capabilities, aligning with pro-crypto legislation in the U.S.
| Feature | Details | Benefits |
|---|---|---|
| Embedded Wallets Tool | Access to Coinbase’s infrastructure | Supports decentralized finance and user engagement |
What is Coinbase’s New Developer Tool?
Coinbase’s new developer tool, known as the Embedded Wallets tool, is designed to simplify wallet onboarding for developers. This tool provides access to the same infrastructure that will power Coinbase’s upcoming decentralized exchange, enhancing the overall user experience in the crypto ecosystem.
How Does the Tool Work?
The Embedded Wallets tool allows developers to integrate customizable wallets into their applications seamlessly. Users can earn 4.1% APY on USDC balances without the need for staking, making it an attractive option for both developers and users. This feature aims to enhance user engagement and retention.
Frequently Asked Questions
What is the APY for USDC in the new wallets?
The new developer tool offers users an APY of 4.1% on USDC balances held within the wallets, which can be retained by developers or passed on to users.
How does the pro-crypto legislation impact wallet adoption?
The recent pro-crypto legislation, including the GENIUS Act and the CLARITY Act, provides a regulatory framework that encourages the adoption of self-custody wallets and decentralized finance.
Key Takeaways
- Innovative Tool: Coinbase’s Embedded Wallets tool simplifies wallet onboarding for developers.
- Regulatory Support: Pro-crypto legislation encourages the adoption of self-custody wallets.
- User Engagement: Users can earn 4.1% APY on USDC balances, enhancing retention.
Conclusion
Coinbase’s launch of the Embedded Wallets tool marks a significant step forward in simplifying wallet onboarding and enhancing technical capabilities in the crypto space. With supportive legislation and attractive user rewards, this tool is poised to drive greater adoption of self-custody wallets and decentralized finance.
The developer tool offers customizable wallets, USDC rewards and deeper integration with Coinbase’s Base app, aligning with recent pro-crypto legislation.
Crypto exchange Coinbase is launching a developer tool aimed at simplifying wallet onboarding and boosting technical capabilities, as self-custody gains momentum in the United States following the passage of pro-crypto legislation earlier this month.
Offered through the Coinbase Developer Platform (CDP), the Embedded Wallets tool gives developers access to the same infrastructure that will power Coinbase’s forthcoming decentralized exchange, the company disclosed Tuesday.
The toolkit offers native rewards in USDC (USDC), the stablecoin issued by Circle. Users can earn 4.1% APY on USDC balances held within the wallets, without requiring staking. According to the Coinbase Developer Platform, this APY can either be retained by developers or passed on to users.
The new developer tool is being targeted at developers across decentralized finance (DeFi), gaming, payments and Web3 social media sectors. It arrives as Coinbase has rebranded its own wallet into an “everything app,” now called the Base app after its layer-2 network.
Source: Coinbase Base App
Related: The rise of ETFs challenges Bitcoin’s self-custody roots
Pro-crypto regulation to encourage the next wave of users
Coinbase pointed to the recent passage of the GENIUS Act and the House’s approval of the CLARITY Act as pivotal developments for the growth of onchain finance and self-custodied wallets.
The CLARITY Act establishes a regulatory framework for the digital asset economy while guaranteeing self-custody rights, allowing users to hold cryptocurrencies without intermediaries. The legislation also recognizes the role of self-custody in enabling DeFi and peer-to-peer transactions, which are core pillars of crypto.
The House of Representatives passed the CLARITY Act before their August recess. Source: US House of Representatives
Meanwhile, the GENIUS Act regulates dollar-backed stablecoins, creating potential pathways into DeFi and other crypto sectors via digital dollar rails. Industry insiders say favorable stablecoin regulations could drive more value onchain by enabling the tokenization of real-world assets.
In a recent interview with Cointelegraph, Fabian Dori, chief investment officer at digital asset bank Sygnum, said the GENIUS Act paves the way for innovations in financial services beyond stablecoins.
“By providing long-sought-after clarity, it gives confidence to organizations and issuers to develop original, innovative ‘killer apps’ that don’t just serve their customers’ current needs, but create demand for entirely new services, including payments,” Dori said.
Related: Tokenized money market funds emerge as Wall Street’s answer to stablecoins
