Coinbase Added Chrome Extension For Wallets To Broaden DeFi Access

Coinbase added Chrome extension for the wallet apps in order to make the world of DeFi easily accessible for mainstream crypto users. The new extension will also make easier to navigate DeFi as we can see more in our latest Coinbase news today.

Those that employ the browser will have to verify transactions on their phone as a security measure. The Def space is one of the hottest topics in crypto right now and as an industry, it helps pros get rich on trading tokens on exotic exchanges. But from a user experience, diving into the DeFi waters can feel intimidating which is why most users stay away from it. That’s one reason why coinbase is taking a few steps to make its Wallet App one of the few tools that can be used to navigate DeFi by using a Chrome browser plug in.

The Coinbase wallet which the company describes as a decentralized sibling its more familiar exchange app which has been around since 2018 but required users to access dapps like Uniswap through their phones. In 2019, the company added a new feature that allows users desktop access sites by scanning a QR code which is a process Coinbase itself acknowledged to be “tedious”. The blog post noted:

“The new extension allows for instant access to dapps on desktop—after linking your Wallet account to the extension once, you are free to browse all dapps with one click. This includes accessing thousands of cryptocurrencies, trading on decentralized exchanges (DEXes), earning interest and collecting NFTs.”

Coinbase senior product manager Sid Coelhu Prabho said that the wallet users can use a one-time set up for accessing a variety of dapps via Chrome. He added that the users will recieve a notification on their phones asking them to verify the transaction as an important security feature given teh rsisk that are opening up with storing private keys in a browser plug in. Coelho-Prabhu added that the Chrome extension is a part of the larger goal for the company of making DEFi more accessible for ordinary users.

DeFi is an umbrella term that is used to describe a variety of peer to peer financial products on the Ethereum network most of the times which enable services like borrowing, lending and trading crypto without the need for a third party. Coelho-Prabhu also pointed out that the current DeFi expereince is not ready to go mainstream and compared it to the dial-up internet services but predicted that this will change dramatically in the upcoming months.
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