On September 10, Coinbase announced the renaming of Base App to Coinbase Wallet. Product manager Ryan Kass explained that the original name no longer reflects the service's capabilities, as the app has moved beyond the Base L2 blockchain ecosystem. It is now positioned as a non-custodial Coinbase product designed to provide access to a wide range of digital assets and trading opportunities. Initially, Base App was conceived as a universal application combining trades, payments, social features, and mini-apps. Users could also purchase tokens from authors and individual publications, with a portion of the sales revenue going to content creators.
In March, Coinbase CEO Brian Armstrong acknowledged that the social model failed to deliver the expected results. According to him, it did not establish a sufficient economic foundation for long-term demand for user tokens, leading the company to focus on trading. In July, Base creator Jesse Pollak handed over the app's management to Jordan Fish, known as Cobie, while he shifted his focus to blockchain development. Pollak also admitted the previous approach was flawed, as it relied on social products being the main tool for attracting a mass audience to the crypto industry.
Amid the strategy change, Coinbase expanded the list of supported networks. Notably, Robinhood Chain, associated with the competing platform Robinhood, was added to Coinbase Wallet. Kass noted that competition between companies should not limit users' choices of ecosystems and assets. According to him, interest in various networks changes over time, while Base's advantages remain speed and low fees. The company also views the wallet as a platform for testing new assets and products: certain features may first appear in Coinbase Wallet before transitioning to the main exchange app. Social features are not planned to be completely excluded, but their development will now primarily depend on user interest.