Coinbase Ditches Social Ambitions for On-Chain Trading Hub

Coinbase's attempt to turn its wallet into an 'everything app' has been reversed after a year of experimentation. In September, Coinbase reverted Base App back to Coinbase Wallet, dropping the name change that was made just over a year prior.

The initial vision for Base App was to create an all-in-one platform with social networking, Mini Apps, messaging, payments, and trading features. However, CEO Brian Armstrong acknowledged in March that the social experiment 'didn't really work out.'

Instead of focusing on social features, Coinbase Wallet is now positioning itself as a hub for users to access various assets and products across multiple chains. The wallet supports over 10 networks, including Base, Robinhood Chain, and Solana.

Coinbase Wallet also integrates Hyperliquid perpetual contracts and supports prediction markets and tokenized stocks. The wallet's product lead, Ryan Kass, described it as a 'test kitchen' for assets and products not yet listed on Coinbase's main platform.