Coinbase, recognized as the largest cryptocurrency exchange platform in the United States, continues to innovate by simplifying its crypto wallet application to improve user accessibility and convenience.
In a recent update, Brian Armstrong, CEO of Coinbase, announced the introduction of a “simple mode” within the wallet app, designed specifically to streamline payment transactions.
This new feature aims to facilitate seamless cryptocurrency transactions, exemplified by the ability to send USD Coin (USDC) instantly, globally, and without incurring fees on the Base network.
Armstrong emphasized the importance of this improvement in simplifying the crypto experience, making it more accessible for beginners while maintaining advanced functionality for experienced users.
Simplified mode will be tested as a default setting in what Armstrong calls “frontier markets,” possibly making getting into cryptocurrencies easier in these regions.
However, users maintain the flexibility to switch to advanced mode at their convenience, catering to a diverse user base with different levels of familiarity with cryptocurrencies.
IN PARALLEL, COINBASE HAS ANNOUNCED ITS SUPPORT FOR SEAMLESS (SEAM)
SEAM is a Base lending protocol, marking a milestone as the first native Base token to be listed on the platform.
SEAM operates as an ERC-20 token within the Base network, functioning as a lending and borrowing protocol.
Coinbase will add support for Seamless (SEAM) on the Base network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) December 11, 2023
Seamless’s rise has been notable, reflected in its Total Value Locked (TVL), which skyrocketed to over $54 million, primarily attributed to airdrop farming.
This increase demonstrates the platform’s growth within the decentralized finance (DeFi) space, despite recent fluctuations in TVL.
Base, as a layer 2 network, has attracted attention, securing its place as the third largest in this space with around $639 million.
Despite regulatory challenges in the US, Coinbase’s share price has shown resilience, seeing a slight decline of 5.87% in after-hours trading.
However, shares are up more than 300% this year, signifying solid growth and market confidence despite the regulatory landscape.
Coinbase’s commitment to improving the user experience, along with the inclusion of SEAM, underscores its dedication to fostering accessibility and growth in the ever-changing cryptocurrency landscape.
