Aptos Labs APT/USD is joining Coinbase COIN Pay with the hope of solving the challenges currently facing web3 users.
What Happened: Aptos Labs developed crypto wallet Petra has already been integrated with more than 160 decentralized applications.
The latest partnership plans to make onboarding and offboarding easier for users and will be available on both desktop and mobile applications.
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“Easy onboarding in web3 is critical. Fiat on and offramps are essential for onboarding millions of users into web3. It may seem obvious, but in order to grow the web3 ecosystem, everyday activities like financial transactions have to be easier. Consumer adoption does not happen without it. Full stop,” Aptos CEO Mo Shaikh commented.
Why It Matters: Currently, crypto wallet usage targets the average crypto user and not new users who are looking to explore the space. Gaming, e-commerce, and loyalty programs all reach enterprise categories, thus making payments and crypto wallets an integral part of the web3 experience for new users.
Integrations like Petra and Coinbase Pay will help improve user experience as many crypto products and services are still technical and laborious. To attract mainstream users many such partnerships will play an important role in the upcoming future.
This news comes on the heels of Coinbase Global adding support for the Lightning Network to enable faster and cheaper Bitcoin transactions. Cathie Wood cheered the move stating that the 100 million users will now have an on-ramp to expedite transactions.
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Aptos recently announced that it will release 20 million APT tokens worth $103 million on Nov.12, 2023.
In August, Aptos and Microsoft Labs joined hands to integrate AI with blockchain to ensure a smooth transition of users into the Web3 realm using the Microsoft Azure OpenAI Service.