Coinbase launches new superapp alongside plans to rollout a new ‘Base Account’ and ‘Base Pay’ to encourage USDC purchases
Coinbase is following in the footsteps of Revolut and WeChat by rebranding Coinbase Wallet into a new Web3-based all-in-one super app called Base.
The cryptocurrency exchange announced its plans for the overhaul during a stage event in Los Angeles on July 16. The new decentralised app is named after the Ethereum layer-2 blockchain Coinbase is built on.
The Base App will encompass new messaging and content creation functions, alongside being able to make peer-to-peer transactions using digital currencies, such as USDC, which will be available to users.
It will also incorporate protocols run on Farcaster for its social media elements, enabling users to make posts and build the interface. The company has also enlisted the services of XMTP for its chat functions.
As well as being able to send USDC directly to other users, with the stablecoin also able to make payments via tap to pay, Base will deliver daily rewards to users via their activity on the app which will be tracked by embedded applications through a mini app infrastructure.
Coinbase also revealed it plans to roll out a Base Account and Base Pay to complement its payment offering. This will include benefits such as 1% cashback on purchases with USDC.
The inclusion of peer-to-peer in-app payments with stablecoins such as USDC will only serve to fuel further use cases of stablecoins’ potential as a preferred payment method amongst digital-native customers, and now also social media users.
As part of Elon Musk’s plans for X Money, the platform was expected to include in-app crypto trading, backed by a partnership with eToro. The move aligns with broader super app ambitions seen elsewhere in the fintech space.
For example, Revolut initially introduced crypto trading services within its main app before launching a dedicated platform, Revolut X, to support more advanced digital asset trading.
Citing user experience friction among other Web3-based social media platforms, Coinbase stated it is aiming to make on-chain activity as seamless as possible by enabling payment, chat and messaging services possible with one tap.
In order to achieve this, the Base Account function uses cross-chain identity to automatically onboard users during the sign up process. Those who are already registered as Coinbase Wallet users will automatically be assigned a Base Account.
“This isn’t something we’re building alone. It’s being shaped by thousands of developers, creators, and communities building on Base every day,” stated Coinbase in a press release.
A new take on super apps
Super apps are nothing new;WeChat is arguably the most popular of its kind and has led a trend that has seen the likes of Revolut, X and more follow suit.
The seamlessness of having multiple functions, such as social media, messaging, payments and more, all in one singular app has seen a drive in demand for embedded finance solutions to bring super app payment functionality to life.
Where Coinbase differentiates itself is it is entirely run on blockchain technology and supports direct, peer-to-peer stablecoin transactions.
As Coinbase previously mentioned, blockchain infrastructure on similar super apps has proven to be clunky and difficult to navigate. However, there are similar friction issues associated with centralised platforms, such as lack of user control and limitations to support digital currency payments.
