Crypto Exchange Coinbase Adds Ink Protocol’s New Payments Dapp To Its Wallet
Peer-to-peer (P2P) payments platform Ink Protocol has announced the availability of its decentralized app (dApp), Ink Pay, on Coinbase Wallet.
Ink Protocol, developed by online marketplace Listia, is a decentralized reputation and payment protocol powered by the ethereum blockchain and the protocol’s underlying currency, XNK, which is used as the primary form of payment for all transactions.
The protocol’s Ink Pay dapp allows users to see a seller’s reputation before deciding to buy from them, with the option to leave new feedback after each transaction, which is stored on the blockchain. The dapp also allows users to easily buy and sell on marketplaces using XNK or ETH, as well as receive payments for items on third-party marketplaces like Craigslist, Facebook Marketplace, OfferUp and more. Ink Protocol is also planning to add a mediator and escrow for a higher level of safety.
“Over three million real-world items have already been listed on the Listia marketplace using Ink Protocol’s digital currency XNK,” said Gee-Hwan Chuang, co-founder and chief executive officer of Ink Protocol. “This milestone marks one of the largest deployments of its kind in a consumer app, and a new level of adoption that we’ve never seen before. We hope this proof-of-concept will expand implementation of Ink Protocol to other established marketplaces, propelling continuous and sustainable growth in the industry for years to come.”
Coinbase Wallet, formerly Toshi, enables users to explore the full universe of third party dapps that enable everything from taking out a loan or lending to others on the blockchain to earning crypto by answering questions, performing services, or completing tasks. It also allows users to access decentralized exchanges, buy and store crypto-collectibles, and receive airdrops and tokens from initial coin offerings (ICO).
“At Coinbase, we believe that the applications of the future will be built on a decentralized internet (the blockchain),” said Siddharth Coelho-Prabhu, Product Lead at Toshi. “Everyone will own a crypto wallet that allows them to access decentralized applications (dapps) and that wallet will be their gateway to the open financial system.”