Coinbase Wallet has become one of the most popular and widely-used cryptocurrency wallets since its launch in 2018. Coinbase Wallet has come a long way since its early days when it was just another cryptocurrency wallet. Now it is widely recognized as a pioneer in the sector. But what are the Coinbase Wallet milestones that got it there?
Early Days: 2018-2019
When Coinbase Wallet launched in 2018, it was met with a great deal of excitement and anticipation. The team had been working tirelessly on the project for months, and their hard work had finally paid off. However, the early days of Coinbase Wallet were not without their challenges.
One of the biggest challenges the team faced was building a wallet that was both secure and user-friendly. They knew that in order to gain the trust of the crypto community, they needed to create a wallet that was easy to use and navigate, while still maintaining the highest level of security. To achieve this, they implemented a range of features such as biometric authentication, two-factor authentication, and recovery phrase backups to ensure that users’ funds were always safe and secure.
Another challenge that Coinbase Wallet faced in its early days was competition. There were already many other cryptocurrency wallets on the market, each offering its own set of features and benefits. To stand out from the crowd, Coinbase Wallet needed to offer something unique and innovative. They did this by integrating with Coinbase’s existing platform and offering a seamless way for users to buy, sell, and store their cryptocurrencies all in one place.
Despite the challenges, Coinbase Wallet quickly gained popularity among early adopters and crypto enthusiasts. Its user-friendly interface, seamless integration with Coinbase, and robust security features were all factors that contributed to its success.
In the early days of Coinbase Wallet, the team focused on continually improving and updating the wallet to meet the needs of its users. They added new features such as support for Bitcoin, Ethereum, and ERC20 tokens, as well as the ability to send and receive cryptocurrencies using only a username.
Expansion and Growth: 2019-2020
In 2019, Coinbase Wallet had already established itself as a leading name in the world of cryptocurrency. However, the team knew that there was still much work to be done if they wanted to continue to grow and evolve the wallet.
One of the key areas of focus for Coinbase Wallet in 2019 was expanding its reach and growing its user base. To achieve this, the team launched a range of new features and improvements that made the wallet even more user-friendly and accessible.
One of the most significant improvements made to Coinbase Wallet in 2019 was the addition of support for a wide range of cryptocurrencies. This included popular coins like Bitcoin, Litecoin, and Bitcoin Cash, as well as lesser-known altcoins. By expanding its support for cryptocurrencies, Coinbase Wallet was able to appeal to a wider audience and attract more users.
Another important development in 2019 was the launch of the WalletLink feature. This allowed users to connect their Coinbase Wallet to dApps and decentralized exchanges, making it even easier to buy, sell, and trade cryptocurrencies from within the wallet itself.
In addition to these new features, Coinbase Wallet also launched a range of partnerships and collaborations that helped to increase its visibility and reach. For example, the wallet partnered with Compound, a decentralized lending platform, to enable users to earn interest on their cryptocurrency holdings.
By the end of 2019, Coinbase Wallet had achieved significant growth and had become a go-to wallet for many cryptocurrency users. Its user-friendly interface, a wide range of supported cryptocurrencies, and integration with dApps and decentralized exchanges were all factors that contributed to its success.
Mainstream Adoption: 2020-2021
In 2020, Coinbase Wallet achieved mainstream adoption and became a household name in the cryptocurrency industry. The team’s hard work and dedication to creating a reliable and user-friendly wallet had paid off, and Coinbase Wallet was now being used by millions of people around the world.
One of the key factors that contributed to Coinbase Wallet’s success in 2020 was its ability to adapt and evolve to meet the changing needs of its users. As the cryptocurrency industry continued to grow and evolve, Coinbase Wallet remained at the forefront of these changes.
One of the biggest developments in 2020 was the addition of support for DeFi protocols. This allowed users to access a range of decentralized finance platforms directly from within the wallet, making it even easier to earn interest on their cryptocurrency holdings and trade their coins without ever leaving the wallet.
Another important development in 2020 was the launch of the Coinbase Wallet mobile app. This made it even easier for users to access their wallets and manage their cryptocurrencies on the go. The mobile app was designed with the same user-friendly interface as the desktop version, making it easy for users to navigate and use.
Together, Coinbase Wallet’s innovative features and strategic partnerships and collaborations have allowed it to significantly broaden its reach and influence. For instance, Coinbase Wallet partnered with Unstoppable Domains to enable users to create human-readable domain names for their wallet addresses. This made it easier for users to send and receive cryptocurrencies without having to remember complicated wallet addresses.
By the end of 2021, Coinbase Wallet had achieved significant mainstream adoption and had become a leader in the cryptocurrency industry. Its user-friendly interface, wide range of supported cryptocurrencies, integration with DeFi protocols, and mobile app were all factors that contributed to its success.
Coinbase Wallet in 2022
Coinbase Wallet’s continued success was due in large part to its commitment to transparency and security. The team was dedicated to ensuring a fair and equal experience for all users, and took numerous steps to maintain this goal.
As part of this commitment, Coinbase Wallet had established a robust asset listing process that was run by a dedicated committee called the Digital Asset Listing Group. The committee followed strict procedures that were documented in formal policies, and were reviewed and approved by applicable regulators. The committee evaluated assets for compliance, legal, and information security concerns, and made voting decisions on what assets could be listed. It’s worth noting that Coinbase CEO Brian Armstrong or other Coinbase Global Board members were not involved in the voting process.
Moreover, Coinbase Wallet took additional steps to ensure that asset listing decisions were independent of any external factors. Coinbase Ventures, for instance, was transparent in disclosing its interests in projects and was staffed by a separate team that had no influence over which assets may be supported on Coinbase platforms. Additionally, Coinbase had a conflict of interest policy that prevented board members or Coinbase employees from being involved in a listing decision where they had a financial interest.
The majority of assets that the Digital Asset Listing Group reviewed were submitted directly by asset issuers through the Asset Hub portal. This process was rigorous, and the majority of assets submitted for evaluation were rejected. Coinbase restricted all employees from trading the tokens that it was considering for listing to prevent front-running.
Coinbase Wallet also ensured that its listings were aligned with the interests of its customers. The company held on its balance sheet the majority of the assets that it supported on its platforms, which helped ensure that its interests were aligned with those of its customers. It’s also worth noting that Coinbase Ventures never sold tokens from investments that it had made, nor did it have any influence over which assets were supported on Coinbase platforms.
Coinbase Wallet was committed to continually finding new ways to align itself with its customers. For instance, it planned to make its holdings even more transparent, starting with enabling users to track Coinbase’s own portfolio of digital assets for informational purposes. Coinbase was also exploring additional mechanisms to align itself even further with its customers.
Bottomline
Coinbase Wallet has achieved numerous milestones since its launch in 2018 and has emerged as one of the leading wallets in the cryptocurrency industry. Its user-friendly interface, support for a wide range of cryptocurrencies, integration with DeFi protocols, and upcoming NFT support are just a few of the factors that have helped Coinbase Wallet stand out from its competitors. Today, it remains the best crypto wallet in the world for beginners and veteran crypto users alike.
