Coinbase, the publicly-listed and the largest crypto exchange in the United States, has revealed plans to build a super app as it seeks to cement itself as the main player in the emerging industry.
In a recent blog post, Brian Armstrong, the CEO of Coinbase, said:
“Apple didn’t attempt to build every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps. We need to do the same in crypto.
We need to do the same in crypto. There is now 10s of billions of dollars of economic activity running on dApps, and a new trend coming out every three months.
We’ll work to give our users easy access to all of this from the main Coinbase product.”
– CEO, Coinbase
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By their very nature, cryptocurrencies exist within an ecosystem. Other than, arguably, being the catalyst for all other cryptocurrencies and blockchain ideas, bitcoin facilitates transactions in the entire community.
Ethereum, on the other hand, is building an ecosystem that is composed of decentralized applications (dapps) for multiple functions.
Besides the possibility of a payments-based ecosystem, the company envisions itself becoming the point of access for its users to all kinds of dapps innovating in other sectors.
This includes:
- Decentralized Finance (DeFi)
- Non-Fungible Tokens (NFTs)
- Smart contracts
- Decentralized Autonomous Organizations (DAOs)
and more.
In the blog post, the 38-year old CEO also reaffirmed the huge potential for growth in the industry:
“The cryptoeconomy is still in its early stages, but it is clear that every year more and more economic activity will take place on crypto rails.”
– CEO, Coinbase
Safaricom, Kenya’s leading mobile operator, recently launched the MPESA super app enabling developers to build mini apps on top of the main MPESA app.
Besides offering users the opportunity to do transactions, the app also includes third-party applications whose services one can access without leaving the main MPESA app.
Experts view this move as part of a global trend where mobile network operators in Africa are leveraging their success in mobile money to build and be at the center of tech ecosystems, akin to Google, Apple, and WeChat.
While the mobile network operators may have disrupted banking, the crypto industry may be disrupting money itself, and players in the industry are not to be left behind in this race to build ecosystems.
Time will tell how successful Coinbase is in its plans. However, building a crypto ecosystem will likely pit it against other players, particularly other blockchain ecosystems such as Ethereum which have so far been leading the crypto innovation for a couple of years now.
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RECOMMENDED READING: Kenya’s Safaricom Ranked 7th on the ‘2020 Fortune Change the World’ List of Companies – The Only African Company in Top 10
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