Base Transforms Coinbase Wallet Into Universal Web3 Platform

Crypto wallet Coinbase Wallet is becoming the Base app superapp, allowing users to manage crypto-assets, social networking, mini apps, and payment services on the Base network.

The Base team, an L2 protocol for Ethereum, officially announced the relaunch of the Coinbase Wallet mobile crypto wallet. At the A New Day One conference, they presented Base app, a universal Web3 platform for financial operations, communication, and content creation.

Base app is positioned as a superapp that significantly expands the functionality of Coinbase Wallet. According to the Base blog, the app combines asset management, decentralized social networking, messaging, and a mini app marketplace. Users will be able to earn from content, exchange tokens, communicate, send USDC with zero fees, and use built-in dApps. The interface supports NFTs, profile customization, and trading within the Base blockchain.

Currently, Base app is in testing. A beta version is available to a limited number of users.

A new Base Account will be created automatically upon registration in the app and will serve as a unified on-chain tool for accessing the entire Base ecosystem. The app is also integrated with Base Pay, enabling payments for goods and services using USDC, including purchases on the Shopify platform, with instant settlement and up to 1% cashback for buyers in the U.S. All transactions occur within the Base network without exchange fees.

The wallet rebranding is part of a broader transformation of the entire blockchain network. Jesse Pollak, Founder and Lead Developer of Base, stated that the network will become “an open stack built to empower builders, creators, and people everywhere to build apps, grow businesses.” Key elements of the Base ecosystem include:

• Base Chain, a scalable Layer 2 blockchain for Ethereum with a block time of 200 milliseconds;
• Base Build, a platform for developers and mini app creators;
• Base App, a user interface for interacting with all on-chain functions.

The Base rebranding comes with a refreshed visual identity developed in collaboration with artists and community members. Brian Armstrong, CEO of Coinbase, said the goal of the transformation is to give users full control over their digital identity and assets without relying on centralized platforms.

The Base blockchain launched in August 2023. The team attracted nearly 1 million new users within the first week, and the total value locked (TVL) exceeded $400 million in the first month. Later, the Base network launched the Pessimism security monitoring system, and the network was used to issue JPMorgan tokenized dollar deposits.

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