Home >Markets >Cryptocurrency >Coinbase wants to build an app store for decentralised apps

NEW DELHI: One of the world’s largest cryptocurrency exchanges, Coinbase, wants to do to the crypto industry what Apple did for smartphones. In a blog post on Wednesday, the company’s chief executive officer Brian Armstrong announced plans to build a crypto app store.

"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," Armstrong wrote in the post. “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."

The is the first time Coinbase has announced plans to build an app store meant specifically for decentralized apps (dApps). The company has become a poster boy for success in the crypto industry, having made a successful $100 billion initial public offering (IPO) on the US stock exchange in April this year. Publicly listed companies are subject to certain regulations and disclosures, which increase public trust in what they do, and in turn the sectors where they operate.

While the cryptocurrency space has largely been covered from an asset point of view, with constant changes in prices and investor wealth, experts have often argued that dApps is where the future lies. These are digital applications that run on blockchain networks and cannot be controlled by one single entity. They are said to offer better security, transparency and more.

According to data from financial data and software firm, Pitchbook, venture capital funds have invested as much as $17 billion in crypto and blockchain firms in the first half of 2021, suggesting a massive growth in interest. While the bulk of this came from a single deal, it’s still a sign that many see a future in the dApps ecosystem. Indian firm Polygon also received investment from billionaire Mark Cuban earlier this year. Coinbase’s plans could come as a shot in the arm for the industry.

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