Coinbase’s CEO, Brian Armstrong, made the announcement on Tuesday of their intentions to create a third-party app store for cryptocurrencies. He stated that he was inspired by Apple’s strategy for developing an app ecosystem of developers.
While the co-founder of the exchange didn’t give a timetable for the debut of the proposed app store, it is expected to happen sometime soon.
We are embracing decentralization at Coinbase https://t.co/R1Xi3BVniX
— Brian Armstrong (@brian_armstrong) June 29, 2021
Coinbase CEO Brian Armstrong outlined his company’s plans in a blog post on Tuesday, saying the exchange wants to enable any program built on decentralized crypto digital infrastructure to be available to its customers, by linking a customer’s wallet to their identity. He made no statement about when such an App Store might become available.
DApps, as the name implies, run on a decentralized architecture, not on central servers. In fact, these applications receive their computing resources from a dispersed network of thousands of machines all over the globe, similar to how bitcoin works.
Thousands of decentralized applications (dApps) are already freely accessible, regarded as beyond the control of a single organization.
Armstrong sees that Coinbase is to the crypto business what Apple is to the IT industry. Coinbase aims to do for cryptocurrency what Apple has done for the app economy with the iPhone, allowing developers and IT experts to innovate.
To hear Armstrong talk, it seems like he’s quite certain that Coinbase will play a vital—even defining—role in the growth of the crypto sector.
Coinbase Goes Public
After Coinbase made its stock available to the public through an IPO on the Nasdaq in April, many in the cryptocurrency industry had similar feelings.
After rising cryptocurrency prices and greater acceptance of virtual currencies, Coinbase, one of the USA’s largest crypto exchanges, went public. This year has seen a rise in public and institutional demand for cryptocurrencies, thus the public’s enthusiasm for the company’s launch was great.
Similar statements were made by BNY Mellon, Morgan Stanley, and Goldman Sachs earlier this year when they announced the launch of cryptocurrencies in their investment portfolios.
Coinbase is an essential component of the cryptocurrency ecosystem and bitcoin’s expansion into the general public.
Over the course of the year, bitcoin hit an all-time high of $64,000, with which it now constitutes a majority of the market cap of all cryptocurrencies. It has since fallen to around $33,000 as of writing.
Revenue was about $1.3 billion at the end of 2020. There are approximately 43 million people and businesses that utilize the Coinbase app as of April 2018.
Nonetheless, after reaching a peak of optimism on April 14, COIN, Coinbase’s stock, has depreciated to $254, a 22% fall from its starting price of $328.