Coinbase is Planning to Launch an Ethereum Messaging App

Bitcoin exchange and wallet startup Coinbase has revealed a new ethereum messaging product currently in testing.

AccessTimeIconApr 20, 2017 at 3:25 a.m. UTC
Updated Sep 11, 2021 at 1:15 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now
screen-shot-2017-04-19-at-11-14-38-pm

Coinbase is reportedly launching a new subsidiary brand focusing on secure messaging and blockchain-enabled payments, its chief executive said in online statements today.

Announced today via Twitter by CEO Brian Armstrong, the company is now testing a product called Token, a wallet and a browser for decentralized applications that is now operating on the ethereum testnet. The unveiling was detailed in a blog post that likened the project to WeChat, the popular social media service that has been cited as the inspiration for other blockchain payment projects of late.

, Coinbase framed Token as an extension of its long-held mission to use blockchain-based digital currencies as a means to achieve financial inclusion.

The post reads:

"We believe that everyone in the world should have access to financial services, and with smartphones becoming ubiquitous, digital currency can make that happen."

In addition to its Coinbase wallet service, the startup also operates another subsidiary brand, GDAX, an exchange service for digital assets and digital currencies in more than 30 US states and territories, as well as Canada, UK, Australia, Singapore and select European countries.

Among the features Token will aim to offer is a built-in reputation score that adjusts as users interact with the platform. Future upgrades outlined in the post include support for the decentralized identity platform uPort.

The blog post further indicated the product would seek to migrate to the live ethereum blockchain in the coming months, though no official timeline was made public.

As noted in the announcement, the product is similar to other efforts to create mobile wallet platforms based on ethereum, currently the second-largest public blockchain by market cap.

Image via Token blog

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.