Coinbase + Web3
Introduction
Web3 is an understanding that the current power dynamic of internet companies hoarding data to monetize is not the only way. Blockchain’s have a notoriously high learning curve to use, a highly specialized small group of enthusiasts are the only ones participating in the community so far.
Coinbase is the largest crypto exchange in the United States and positions itself as the onramp to web3 for the general population. They have recently rolled out an updated their UI to incorporate more of the web3 ecosystem, though I feel there are come changes to better the User Experience.
Competitive Analysis
There is no shortage of fintech apps out there so it is easy to compare how competitors are tackling this issue. Considering that this issue is not native to traditional investing institutions save for a Bitcoin spot price ETF. I mostly compared FinTech mobile apps with a niche offering: Public and Kraken, each of whom tackle product differentiation in specialized ways, Kraken is solely focused on the advanced crypto-enthusiast compared to Coinbase’s beginner friendly approach and Public integrates a social aspect to the investing sphere (something much more taboo until recently.)
Kraken decided to hide its wallet quick actions within its navigation tabs. This allows for ready access to transfer or send funds from one wallet to another from anywhere in the app. A welcomed salient solution given that Kraken is much less feature-rich than Coinbase and mainly directs users to its desktop companion for advanced charting of cryptocurrencies.
Public on the other hand, pared-down the navigation tabs in favor of simplicity. Public’s Home Screen highlights a portfolio overview, opts to combine the “Trading” and “My Assets” tabs into a single “portfolio” tab. Public also underplays its exposure to web3 (some crypto currencies, but no wallets and no dApps.) All of which are shoved into the “Explore” tab along with News and Educational material.
Public’s real focus is on community and having users broadcast positions and insights. Close to a Twitter clone centered around investing advice where users follow trending posts and follower other users.
Solution
First off increase visibility of the web3 section by adding a callout to the home screen between staking and the rotating news feed.
In addition, I have combined the My assets and Trade tab since they have more or less the same functionality. Web3 is reconfigured to have the quick actions that Kraken offered and this will e extended with the ability to browse dApps with a Web3 Browser button to drive users to the already existing browser page.
This allows for deeper dives into the world of web3 where it feels more natural and allows Coinbase to educate in wallet functions, while making a cleaner navigation for the platform as a whole.
Conclusion
Coinbase has a much better time sorting where it wants its users to go. Public has the web3 integration intermingled with there rest of the stocks and treasury bills clustered in the “Explore” tab and no real wallet, as Public.com takes a more custodial role in which one does not own the underlying assets outside of the platform. Public.com does not bill itself as a web3 native.
Where it does lack, is the ease of user that Kraken has adopted for its wall actions. The clunky solution Coinbase utilized has the user opening the secondary menu tray to get to any form of send/receive or scan function. This adds an unnecessary step when the user is also bombarded with all of the other options of Coinbase’s extensive feature set while trying to simply send funds from one wallet to another. The task itself becomes muddled and breaks the Gestalt principle of proximity.