San Francisco-based cryptocurrency exchange Coinbase added WalletLink functionality to enable its users to use dApps within the company’s wallet app. One of the most interesting dApps that will no doubt allure customers, is IDEX, which is currently the world’s largest decentralized exchange (DEX).
Right now, IDEX provisions more than $1 million of daily trade volume concentrating on new projects that have not long ago moved past the ICO stage.
We’re thrilled to announce WalletLink! Now you can use dapps on any desktop browser while keeping your funds safe in your mobile wallet. https://t.co/hKkV8DBEb9
— Coinbase Wallet (@CoinbaseWallet) August 22, 2019
From IDEX they said:
“This partnership with Coinbase allows Coinbase customers to easily tap into our liquidity pool via Coinbase Wallet’s WalletLink functionality. For traders who prefer working on the big screen, desktop access is just as seamless.
Users who have the Coinbase Wallet can now use their self-custody wallet to link directly to over 450 trading pairs on the IDEX exchange, keeping trade liquidity and security at the forefront from custody to trade.”
During the 2017 bull run, Coinbase was among the first UX focused fiat gateways to bring in a huge quantity of volume that helped charge crypto’s massive rise and submitted over $1 billion in revenue to Coinbase. Since they opened their exchange back in 2012, they surpassed the second-largest brokerage company in the U.S., Charles Schwab.
They reached more than 11 million users that seems pretty much more than Schwab’s own 10.7 million accounts it had in 2018. In the past year, Coinbase allegedly brought in more than 8 million new users, surpassing a total of 30 million users across the world.
From IDEX, they said that having coherent access to one of the fastest rising fiat-gateways may prove to be a huge liquidity booster for the company, enabling the hundreds of thousands of current Coinbase Wallet customers to trade on their exchange and driving additional value for IDEX stakers.
“For Coinbase, Coinbase Wallet users will have unrivalled levels of trading flexibility with access to 9 times more trading pairs from the IDEX platform integration alone.”
From IDEX they said:
“For the current 30+ million Coinbase exchange traders, this integration is a compelling reason to download and access the Coinbase Wallet app. Additionally, connecting IDEX and Coinbase enables new users to easily sample new markets through Coinbase’s insured and secure exchange platform and custody solutions.”
Aside from IDEX, customers will also be able to access Compound – an on-chain borrowing and lending platform – as well as margin trading platform dYdX and the Maker stablecoin.
Be it as it may, even though this seems like a hugely constructive step for Coinbase and its user base, it will be interesting to see in what way the company will deal with the uncompromising regulatory frameworks regarding the terms of decentralized and margin exchanges.
The Securities and Exchange Commission (SEC) significantly suppressed EtherDelta, that was a market-leading DEX. Let’s also not forget the margin exchange BitMEX that decided to transfer their business to Seychelles – far away from its ‘Big Brother’ also known as the U.S.A.
We can notice that this Coinbases’s enthusiastic attitude is pretty much different than it was back in 2017 when the exchange had only Bitcoin, Ethereum, and Litecoin that users could purchase (after the hard fork they added Bitcoin Cash as well).
However, over the last few years, the exchange-listed multiple altcoins demonstrating that government eyeing on the crypto sector is not as pervasive as it once was.
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