Brian Armstrong, the CEO of Coinbase crypto exchange, has explained that the recent wallet modifications launched by the company focus on payments. Last week, Coinbase announced enhanced features on its wallet app, aiming to facilitate seamless money transfers and simplify the payment process. This update is a step towards eliminating complexities often associated with traditional banking.
In a recent Tweet, Armstrong gave an example of the new “simple mode” on Coinbase’s wallet app, allowing users to send USD Coin (USDC) on Base for free, instantly, and globally.
The Importance of User Experience in Crypto Adoption
When it comes to accelerating crypto adoption, improving the user experience (UX) is of utmost importance. However, there are still several challenges such as understanding cryptographic algorithms, wallets, public and private keys, gas fees, and safeguarding against scams.
A report by Hubspot revealed that a staggering 88% of users are less likely to return to a site with a bad UX, while 90% of consumers have stopped using an app because of poor performance.
In the ever-growing digital landscape, enhanced UX design requires security, trust, inclusivity, streamlined onboarding processes, and consistent innovation.
Addressing Challenges with Simplified User Interface
Coinbase aims to address these challenges by simplifying its user interface. The company focuses on essential functions like buying, sending, receiving, and storing digital assets, making it easier for beginners to dive into crypto. By prioritizing these functions, Coinbase ensures that even users with limited knowledge and experience can participate in the crypto ecosystem.
Furthermore, Coinbase has announced its support for the Base lending protocol Seamless (SEAM). This integration makes SEAM the only Base network native token traded on the Coinbase platform. As a result, the token’s total value locked (TVL) surged to nearly $55 million, experiencing a staggering 600% increase in TVL. According to DefiLlama, Seamless is currently the second-largest protocol on Base.
