Coinbase executive: Cryptocurrency popularity needs to provide more user-friendly applications for beginners

Chintan Turakhia, senior director of engineering at Coinbase, said that to attract the first billion cryptocurrency users, more beginner-friendly applications need to be provided. The current user registration process is complex and there are many obstacles, including setting up wallets, paying transaction fees and purchasing blockchain native tokens. To simplify this process, Coinbase has launched a smart wallet, which uses simpler login options such as account names and passwords to replace complex seed phrases. In addition, the new smart wallet is also sponsored by Coinbase for transaction fees, further lowering the threshold of use. Turakhia believes that consumer applications will be the way to popularize cryptocurrencies, such as the Telegram-based mini-game Hamster Kombat, whose user base exceeded 239 million in 81 days.