The San Francisco-based cryptocurrency exchange, Coinbase, has said that
Coinbase Wallet will be updated over the next week to add bitcoin support to all users on iOS and Android. It is a user-controlled cryptocurrency wallet.
In a blog post, the company stated: “Our goal with Coinbase Wallet is to create the world’s leading user-custodied crypto wallet. Coinbase Wallet already supports Ethereum, Ethereum Classic, and over 100,000 different ERC20 tokens and ERC721 collectibles built on Ethereum. Adding support for Bitcoin is an important next step in that direction”.
Bitcoin support is activated by default and all users need do is tap ‘Receive” on the main wallet tab and select Bitcoin to send BTC to their Coinbase wallet. Wallet also supports the Bitcoin Testnet to aid developers and power users.
Hold Your Own Coinbase Private Keys
Users of the main Coinbase app or Coinbase.com can buy crypto, but the exchange itself stores the private keys, however, with Coinbase Wallet, users keep their own private keys, encrypted using Secure Enclave technology for maximum security. The blog post states: “This specialized hardware is considered the most secure way to safeguard private data on mobile devices”.
A software product that give users access to a wide spectrum of decentralized innovation, Wallet will allow users to buy and store ERC-20 tokens, participate in airdrops and ICOs, collect rare digital art and other collectibles, browse decentralized apps, shop at stores that accept crypto and send crypto to anyone in the the world.
Coinbase Wallet supports both newer SegWit addresses with lower transaction fees, as well as Legacy addresses for backwards compatibility in all applications.
The exchange also recently announced that its customers in EU countries can now make withdrawals into their PayPal accounts. Users in the US have been able to do this for some time.
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