Coinbase (COIN, Financial) is rebranding one of its primary applications to consolidate social, chat, payment, and trading functionalities into a single platform. The app, formerly known as Coinbase Wallet, will now be called Base App. This move follows the increasing significance of the Base blockchain, launched approximately two years ago, which has generated millions in revenue and become a core component of Coinbase's payment strategy.
Jesse Pollack, who leads the development of the Base blockchain, joined the Coinbase executive team last year and was appointed head of Coinbase Wallet. Many companies across industries aim to offer an "everything app" to prevent customers from switching to competitors, and Coinbase is no exception. According to Sensor Tower, downloads of popular crypto wallet apps have slowed recently, with MetaMask and Phantom seeing declines of 53% and 87% respectively in the second quarter. Coinbase Wallet was downloaded one million times in the same period, a 43% year-over-year decrease.
Base App introduces Base Pay, a quick checkout feature similar to PayPal, allowing users to pay swiftly while saving their name, shipping address, and email for instant checkout on supported platforms like Shopify. Additionally, the "Login with Base" feature enables users to carry account credentials for quick access to multiple online applications.
