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Backpack Pressures Coinbase To Adopt Innovative Strategies

By: illustrious
July 12, 2023 2:02 PM EDT
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In an ever-evolving crypto landscape where innovation is not merely an asset but a prerequisite for survival, Coinbase Wallet appears to be emulating the ingenious strategy deployed by Backpack to retain its market dominance. The similarities between the two platforms' approaches, particularly in integrating functionalities beyond transactions, are quite striking.

Just as the iPhone disrupted the mobile phone industry by providing a platform for developers to create exclusive apps, Backpack has endeavored to redefine the cryptocurrency ecosystem. It has boldly ventured beyond the norm, transforming from a mere crypto wallet to a multifunctional platform with features including private transactions, cross-chain asset trading, communication, and most uniquely, xNFTs. In essence, Backpack turned crypto wallets into a new frontier of distribution, taking a quantum leap from the Web 1.0 phase that resembles the current state of crypto.

Following the game-changing footsteps of Backpack, Coinbase Wallet has unveiled a series of features that mimic this multi-functional strategy. Notably, it has launched a messaging system, a significant addition to a platform originally designed for cryptocurrency transactions. Now, Coinbase Wallet users can connect with their community and own their chats just as they do their crypto, essentially turning the wallet into a social platform. This is strikingly similar to Backpack's approach of embedding communication with other users into its platform.

Further, both platforms emphasize privacy and security, with Coinbase Wallet's messages being end-to-end encrypted and stored in XMPT's decentralized and secure communication network, akin to Backpack's secure, private transactions.

Another striking similarity is the emphasis on ease of transactions. Backpack facilitates trading assets across chains, while Coinbase Wallet allows for gas-free sending of USDC instantly to anyone, anywhere on Polygon, signaling a shared focus on user-friendly crypto transactions.

The most remarkable parallel between the two platforms is the effort to go beyond mere cryptocurrency transactions and wallets. Coinbase Wallet now facilitates interoperability with social DApps, and it's designed to be compatible with Ethereum addresses like .eth, .lens, and cb․id. This opens up possibilities for integration with other platforms, just like Backpack's introduction of xNFTs opened the door to new distribution possibilities and innovative use cases.

In conclusion, it's evident that Coinbase Wallet is taking a page out of Backpack's book in its quest to retain market dominance. By integrating multiple functionalities like messaging and interoperability with social DApps, it is effectively becoming more than a wallet, much like Backpack. As the crypto ecosystem continues to evolve, it will be intriguing to see how these platforms further adapt and innovate to stay ahead of the curve.

Always experimenting.

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