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Coinbase unveiled Wednesday an “everything app” designed to bring more people into the crypto economy.
The “Base App,” which replaces Coinbase Wallet, will combine wallet, trading and payment functions as well as social media, messaging and support for mini apps – all running on the company's homegrown public blockchain network Base, which is built on Ethereum.
So-called super apps like WeChat and Alipay – which bundle several different services and functionalities into a single mobile app – have long been viewed as the holy grail of fintech by the industry. They're central to everyday life in China but haven't been successfully replicated in the West. Meta Platforms and X have made attempts to realize that vision, integrating payments, messaging and social content, among other things.
For Coinbase, the intent is to expand its reach to a new subset of consumers who aren't necessarily interested in buying or trading crypto, the company's core business. Over-reliance on that revenue stream has been a sticking point for the company, and some analysts view the Base blockchain as a way for it to drive utility in crypto beyond speculative trading.
Until now, enthusiasm around the Base network has been confined to builders and developers keen to use the technology. In perhaps the highest profile example, JPMorgan said last month that it's launching a so-called deposit token on the Base blockchain.
Base is often touted for its ability to settle a payment in less than a second for less than a cent, which its fans expect will help the network grow in a way other crypto-based payments efforts haven't.
Now, Coinbase hopes to tap into an opportunity to settle payments on the Base network that go beyond trading and payments. With the introduction of the everything app, the company is emphasizing the opportunity for a new economic model for content creators in particular – one that might give them more direct and diverse monetization options for their content as well as more control over their identity and data.
The new app will be powered by two key functions also being introduced: an identity verification system called Base Account and an express checkout system for payments with the Circle-issued USDC stablecoin, called Base Pay.
Coinbase will fund creator rewards and waive USDC transaction fees within chats in the app as part of the effort to bring more users on chain. It is not expected to generate significant revenue right away.
The new consumer app comes as the crypto industry and Coinbase, in particular, embrace a boom in product launches and rollouts thanks to the pro-crypto policies of the Trump administration and more clearly defined crypto regulations expected from Congress — perhaps as soon as this week. Last month Coinbase launched its first credit card with American Express and Shopify rolled out USDC-powered payments through Coinbase and Stripe.
Coinbase CEO Brian Armstrong has said both have a “stretch goal” to make USDC the number 1 stablecoin in the world, a position currently held by Tether's USDT, and that he aims to make Coinbase “the number one financial services app in the world” in the next five to 10 years.
