The Coinbase Wallet Chrome extension opens up DeFi to millions of Coinbase users. This article and video explains how to install and use the Coinbase Chrome extension.
The Coinbase Wallet Chrome extension gives the exchange giant’s account holders easy access to a broad range of crypto-finance DeFi solutions and platforms like Compound, DyDx and Uniswap – all from within the Coinbase ecosystem.
How to Install the Coinbase Wallet Chrome Extension
This video provides step by step instructions for how to install and use the Coinbase wallet Chrome extension.
Why Use the Coinbase Wallet Chrome Extension?
According to Coinbase, over a million of its Coinbase Wallet customers also regularly use decentralized applications (dapps) and other crypto-finance DeFi platforms. The issue has been that in order to do so they had to scan a QR code or switch to their mobile phone to access the dapps, as these protocols were not available through the Coinbase Wallet.
The introduction of the Coinbase Chrome wallet extension means instant access to dapps will be available on a desktop computer from the Coinbase Wallet using a Chrome browser. After a user links their wallet account to the extension once, they are free to browse all dapps with a single click and will be able to access a much wider range of cryptocurrencies than the 60+ that Coinbase has available for its standard account holders.
Users will also be able to link their Coinbase account to the wallet and buy or transfer crypto to use in DeFi – all from within the Coinbase ecosystem. Transactions made on the desktop using the new wallet extension will also be automatically synced with the Coinbase Wallet mobile app.
The new Chrome extension neatly positions Coinbase to spread its influence and useability into the DeFi ecosystem and compete head-on with the ConsenSys MetaMask wallet, which has dominated the DeFi wallet sector. In April, MetaMask announced monthly active users of its wallet had hit five million – a 5x increase from its 1 million monthly active users from only eight months earlier.
Google Trends data shows public interest in MetaMask (blue line) has been surging since late in 2020 – coinciding with the beginning of the Bitcoin bull run and the roll-out of a range of popular new DeFi services.
Currently, the Coinbase Wallet Extension is only available on Chrome, whereas the MetaMask extension can be downloaded for the Chrome, Firefox, Brave and Edge browsers. For now, MetaMask still dominates in terms of being the preferred user gateway to the decentralized web, but the fact that the Coinbase exchange has 56 million registered users and a market cap of $67 billion means the competition for wallet users is heating up considerably.