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.
In the post, 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.