Coinbase continues to implement significant changes aimed at improving user experience and expanding product offerings. Recent updates include a reduction in account freezes and the launch of Wrapped XRP and Dogecoin on the Base network.
Reduction of Account Freezes at Coinbase
Coinbase CEO Brian Armstrong reported that the company has achieved an 82% reduction in account freezes, responding to long-standing user complaints. He noted that these improvements were made possible through the introduction of new internal technologies. Armstrong emphasized that account freezes have been "a major pain point for Coinbase users," and the company made this a priority. Many users expressed dissatisfaction over prolonged freezes and difficulties contacting support.
New Wrapped Tokens for XRP and Dogecoin
Coinbase introduced Wrapped tokens for XRP and Dogecoin on its Layer-2 Base network. The new tokens, called cbXRP and cbDOGE, allow asset holders to participate in DeFi protocols while retaining access to their funds. These tokens are ERC-20 compliant and backed by real assets. The launch was successful, and data indicates significant market interest.
Coinbase's Strategy for Expanding DeFi Opportunities
Coinbase's expansion into the DeFi sector is part of a broader strategic focus on developing Web3 infrastructure. The launch of Wrapped tokens on the Base network provides users with new income opportunities and lowers barriers to entry into decentralized finance, which is also important for target audiences, including institutional investors.
Coinbase is actively working on improving user experience and expanding participation opportunities in DeFi. The reduction in freezes and the introduction of Wrapped tokens may play a key role in restoring user trust and strengthening the company's market position.
