Calling all Coinbase users and Bitcoin (BTC) holders! 2019 just got better for you as, soon all the Coinbase users will have the power to directly control their Bitcoin holdings from the firm’s Wallet app.
According to the announcement published today, the United States cryptocurrency exchange and wallet has finally added Bitcoin to its new Coinbase Wallet. The Coinbase Wallet came into existence after Toshi was rebranded. Back in 2018, Coinbase made the announcement that Toshi, the open source decentralized app browser and wallet, which was developed by Coinbase itself, will go through the rebranding process to become the Coinbase Wallet of today.
Though both the main app and the wallet are Coinbase’s, there are slight differences between the two, with the main app, cryptocurrencies that are purchased by the customer, along with the private keys, are stored by Coinbase. While with the Wallet, users can store their cryptos where they are protected by their unique private keys.
As per the announcement, the new update for the Coinbase Wallet will be launched for both iOS and Android in the coming week. The wallet activates the Bitcoin support by default, the moment a user chooses to receive the coin to their wallet. Moreover, the users’ private keys will be encrypted on the phone using Secure Enclave technology.
The announcement, furthermore revealed that the Coinbase Wallet supports SegWit and Legacy addresses, both. The app also supports the Bitcoin Testnet for developers and power users.
The Wallet already supports Ethereum (ETH), Ethereum Classic (ETH) and “over 100,000” different ERC-20 tokens and ERC-721 collectibles built on Ethereum. In addition to that, the San Francisco- based Coinbase, also mentioned that it is planning on further adding Bitcoin Cash (BCH), Litecoin (LTC), and a few of the other major cryptocurrencies to its Coinbase Wallet.
The platform continues to add new services to its expanding list. Only yesterday, the exchange announced that its customers in the 32 EU and European Free Trade Association countries, would be able to make withdrawals into their PayPal accounts. This particular feature has been live in the U.S. for some time now.
For further updates stay tuned to BlockPublisher.