Coinbase builds its own financial superapp
The cryptocurrency trading platform and digital currency portfolio Coinbase has been working hard on its diversification lately. After announcing its reconciliation with PayPalCoinbase was also working on a partnership with American Express to launch his card associated with cashback in Bitcoin. But today, the crypto giant is also considering deploying a financial superapp.
FACTS
- It was at a very recent conference that Coinbase announced its intention to present a future tool to its customers and prospects. And this tool will take the form of a complete super-app, capable of providing different financial services.
- The launch of this super-app dedicated to crypto must in fact serve to centralize the services of purchase, sale, storage, payments, DeFi, NFT, as well as social features around digital assets (including a mail service currently in beta-test phase). All within one application.
- Named Base, this super-app backed by the eponymous blockchain would reinforce the current Wallet proposed by Coinbase.
- In particular with regard to payment, Base must allow to transform a smartphone into a payment terminal into USDC or other cryptocurrency, free of exchange fees.
ISSUES
- Complete its transformation Coinbase has been working for a long time to enrich its offerings around cryptoactives. In particular, the platform focused on its rapprochement with more historic major names of payment services, namely: PayPal and American Express. But today, it assumes its broader ambitions and its desire to conquer this market more independently.
- Follow the trend : The removal of competitive barriers between alternative financial services players and historical players was started several years ago. While web giants have positioned themselves in particular to offer payment services, the historical players in this market have chosen to climb the value chain from payment to offer value-added services around financial services. And as a reference for cryptoactives, Coinbase is now surfacing the trend regarding the democratisation of cryptos to legitimize its broader positioning on financial services.
PERSPECTIVE
This dynamic illustrates the rapid evolution of the financial sector, where innovation, technological integration and the quest for autonomy are reshaping the power relations between historical actors and new entrants. While some financial services players choose partnerships to promote the development of common offers and thus demonstrate the interest of combining expertise and strengths, the objective of each player, whether alternative or historical, is always to maintain its position on the market.
And to achieve this, and win a new battle in this perpetual war, the alternative actors now assume their ambitions. Besides the preparation of a super-app by Coinbase, it is also the stablecoin Circle token transmitter that announced recently hope to become its own bank to gain autonomy and legitimacy.
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