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Coinbase to Launch New Wallet App

February 06, 2019 16:45
Photo credit: Coinbase website
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Cryptocurrency exchange Coinbase announced that it was launching the Coinbase Wallet and users would now be able to store their bitcoin directly on the Coinbase Wallet app on Monday.

Detailing the reason behind the launch, a Coinbase blogpost said, “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.”

The company said that the wallet update would be rolled out to both Android and iOS users sometime next week. It added that while bitcoin support is activated by default; users would need to do was tap ‘Receive’ on the main wallet tab and select Bitcoin to send BTC to your Coinbase Wallet.

Coinbase further said, “Coinbase Wallet supports both newer SegWit addresses with lower transaction fees, as well as Legacy addresses for backwards compatibility in all applications.”

Coinbase was recently in the news when a pop-up donut shop at the exchange’s official premises was seen accepting Bitcoin Cash. While it was shared by the Chief Executive Officer (CEO) of Coinbase Brian Armstrong, there were a lot of naysayers who dissed the video as fake.

As earlier reported by Crypto-News India, the integration purportedly used beta versions of Coinbase’s in-house wallet, coupled with a merchant-side offering, accepted BTC, BCH, ETH, and Litecoin (LTC) — the four mainstays throughout Coinbase’s broad roster of consumer, merchant, and institutional products, according to news portal, Ethereum World News. The entire transaction took place within 15 seconds.

However a user put to rest all arguments by saying, “As much of an advocate that I am for (Lightning Network) ⚡️, this wasn’t an edit. I watched a few times over and the zoom made it look like an edit. But audio and position remained fluid.”

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