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Coinbase Introduces Chrome Extension amidst Share Price Woes

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May 20, 2021

A Chrome browser extension has been added by Coinbase to its native wallet. This move comes while the share price of the crypto exchange continues to plunge, having recently fallen below the $250 mark. Coinbase is the largest cryptocurrency exchange in the United States and of the leading exchanges in the world. The chrome browser extension has been fully integrated by the exchange for making it easier for people to trade on its website. The extension will also come in handy for meeting the increase in demand for cryptocurrencies and allow people to directly access dApps and DeFi by linking the browser extension with the Coinbase wallet.

According to a recent blog post, more than a million Coinbase users are known for using dApps, such as Uniswap and Compound, directly. However, in order to be able to access them, users have to scan the QR codes via their phones. The process will become a lot easier with the new extension and it will also boost user engagement where the dApps are concerned. A wide range of services will now be accessible for the Coinbase users and they will be able to enjoy some amazing benefits, such as trading on decentralized exchanges, NFTs, and will be able to access various cryptocurrencies to trade with. 

The cryptocurrency exchange is essentially a non-custodial wallet, which means that transactions have to be managed by the users through the mobile app in order to boost the exchange’s security. Cryptocurrency transactions have to be initiated on the website before the mobile app is used for confirming them. Private keys are also offered by the Coinbase wallet, which is useful in improving the security of the exchange. A secure Keystore will be used for encrypting the Coinbase private keys on the mobile device and this will be done through the Chrome browser extension. 

A biometric verification process or PIN will be used for keeping the keys secure. One of the biggest accomplishments of the exchange in the cryptocurrency industry is that it is the first one of its kind to actually go public. While its share price is currently sagging, the fact is that the addition of the Chrome browser extension for its wallet could help give it a much-needed lift. Nevertheless, it should also be noted that the performance of Coinbase’s shares is directly related to the crypto market’s performance and the recent plunge in the share price is attributed to the decline in crypto prices.

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In recent weeks, Bitcoin’s price has been falling and its downward spiral is affecting the entire industry. With China’s new crackdown against the world’s leading cryptocurrency, its price hit below the $35,000 mark and this reverberated throughout the crypto space. Therefore, it is not surprising that Coinbase’s share price is also struggling amidst all this chaos. The shares are currently trading below a value of $250 and there are many who expect this bearish trend to continue, pushing the value below $100. The exchange has also had to deal with competition from DeFi exchanges like Uniswap. 

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