Coinbase Plays Web3 Card, BitMEX Launches Spot Trading in Race for New Customers and Revenues

BitMEX Coinbase Exchange

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Jaroslaw Adamowski

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Jaroslaw Adamowski

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June 26, 2023 06:54 EDT

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Major crypto exchanges Coinbase and BitMEX are deploying new features to lure more customers, benefiting from users’ rising interest in direct and mobile Web3 access, and spot markets, among others.

As planned, the major crypto derivatives platform, BitMEX, is introducing a new spot exchange that allows traders to buy, sell and trade cryptoassets with the use of an orderbook. 

“These cryptocurrencies include popular portfolio staples like XBT (BTC) and ETH, rising stars like APE and AXS, and DeFi performers like UNI and SUSHI – all paired against USDT (ERC-20),” the platform said.

More cryptos and trading pairs, including BMEX tokens, are in the pipeline and due to be added to the spot exchange in the coming months, according to BitMEX.

Meanwhile, Coinbase has introduced a new functionality for its clients, allowing them to access and explore Web3 directly from the Coinbase app which is powered by the company’s new dapp (decentralized application) wallet and dapp browser. For now, the feature will be available for a limited set of Coinbase app users who will be able to access Ethereum-based dapps directly from the app, the exchange said.

“We’re rolling out the new dapp wallet and browser experience in the US on Android first to a small subset of users, and plan to expand to all users and platforms soon,” they added.

Using the new functionality, users should be able to explore dapps without having to manage a recovery phrase.

“This innovative dapp wallet experience is powered by Multi-Party Computation technology that enables you to have a dedicated on-chain wallet that Coinbase helps you keep secured,” the exchange said.

Coinbase says it has more than 98m verified users in some 100 countries.
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Learn more: 
– After a Rough First Quarter, Coinbase Expects This One to Be Even Slower
– New Coinbase Disclosure Reminds Bitcoin & Crypto Owners: ‘Not your Keys, Not your Coins’

– Court Hands BitMEX Founders USD 30m in Fines for AML Violations
– BitMEX Finally Welcomes Ethereum as Spot Platform Nears; Launching APE Perpetual Futures Market