The basic application of Coinbase is on site, combining crypto-media and social media

U.S. crypto exchange Coinbase has officially renamed its Coinbase Wallet to the Base App, part of what the company calls a new chapter in the ecosystem.

The new app combines cryptocurrency, social media, payments, mini apps and is powered by its Ethereum 2-layer basic network.

Coinbase’s all-in-one product

In a July 16 blog post, the company revealed the release of a “everything app” that will enable individuals to create, make money, trade, discover apps and chat with friends.

“Coinbase Wallet is now a basic app that evolved from wallet to all apps…anyone can manage their assets, publish, connect with others and make money directly from work,” the post said.

The initiative was announced at the company’s “New Day” conference in Los Angeles. Product owner John Granata said the company has established the app to “expand economic freedom, creativity and innovation”, adding that it could serve as a starting point for a new type of social network.

Coinbase CEO Brian Armstrong said in a speech that the issuance is in line with the exchange’s long-term mission to expand economic freedom through crypto. He explained that the product is part of the transition from traditional finance, which aims to create a global, licenseless platform that is accessible to everyone.

The basic app enters Beta for waiting list users on July 16. It has a new social feed built on the Farcaster protocol, where creators can use ZORA to turn their posts into tokens, earn money from direct prompts and purchases, and receive weekly rewards based on engagement. The feed also allows users to immediately view friends’ trading activity and exchange tokens without switching screens.

It is home to mini apps such as mixing, noise and scattering pictures. It also supports One-TAP USDC payments through NFC and provides encrypted XMTP chats where users can trade tokens with AI agents, earn yields, share content or trades.

Basic Salary Live Streaming on Shopify

Users registered on the platform will also be assigned a basic account, a smart wallet designed to work across different applications and networks. Coinbase also launched the Base Salary, a checkout option that allows quick payments using USDC.

The feature is now available for merchants on the e-commerce platform following its latest partnership with Shopify. Later this year, U.S. customers will also earn 1% cash back when making payments to USDC. However, there are no basic application rewards in the EU or Canada. The company plans to release public releases step by step in the beta phase and invites developers to integrate “with basics” into their products.