Coinbase (NASDAQ: COIN) announced today that they are launching a messaging platform to allow users to interact within their Coinbase wallet.
Previously, users with a wallet on Coinbase could only use it to buy and sell crypto, including NFTs.
The new tech will allow any user with a Coinbase wallet to be contacted, directly through the platform.
Why It Matters:
- This is the first integration for communication on a major crypto exchange
- Crypto and Web3 have largely thrived off the ability to remain anonymous, this new technology protects that while simultaneously allowing users to connect with each other if they so choose
The Big Picture:
- The idea of wallet to wallet communication is not new. In fact, it is a popular theme of seed stage startups who are working to bring wallet to wallet communication to the entire Web3 ecosystem, as opposed to individual exchanges
- One such example is Bylines, founded by Sahil Handa. Bylines had numerous notable investors including Naval Ravikant, Balaji Srinivasan, and Gokul Rajaram.
- There is no clear cut winner yet in the wallet to wallet messaging ecosystem. While many have speculated that MetaMask might be working on their own technology for this, nothing has been officially announced
- Clearly there is demand from the crypto community for this tech to exist, as currently communication and community building is fragmented across popular social platforms and messaging apps such as Twitter, Discord, Signal and others