Coinbase has officially announced support for Bitcoin (BTC) on its Coinbase Wallet app.
Previously known as Toshi, the newly-rebranded Coinbase Wallet has long supported Ethereum (ETH), Ethereum Classic (ETC), more than 100,000 ERC20 tokens and ERC721 collectibles. Now, users can finally use the wallet app for Bitcoin storage and transactions. (Why it took so long for the first and foremost cryptocurrency to be added to the Wallet is over our head — but it probably has ‘something to do with SegWit.’)
Speaking of Segregated Witness, Coinbase Wallet supports both the soft-forked wallet formats (which you should probably use) and old-school Bitcoin wallets — meaning everything is backward compatible. As an added bonus, Coinbase Wallet also supports the Bitcoin Testnet.
— Brian Armstrong (@brian_armstrong) February 6, 2019
Not Your Keys, Not Your Bitcoin
Unlike the standard Coinbase web-based platform or mobile app, storing Bitcoin (BTC) in Coinbase Wallet is private — meaning the San Francisco-based company doesn’t have access to your private keys. In fact, users private keys are encrypted using Secure Enclave technology.
The move from Coinbase positions its Wallet as a direct competitor to the likes of BRD, a popular and user-friendly iOS and Android app that allows users to privately store their digital assets without submitting know-your-customer (KYC) requirements. Furthermore, the move is almost certainly a move to provide Coinbase users with something they have been lacking for years — a proper wallet that actually puts users in control of their cryptocurrencies and cryptoassets.
For those still interested in Bitcoin Cash (BCH) and Litecoin (LTC), Coinbase is looking to add support for both of the altcoins in the near future.
In other news, Coinbase also just added support for PayPal in European Union (EU) and European Free Trade Association (EFTA) countries.
What do you think about Coinbase Wallet and the better-late-than-never addition of Bitcoin (BTC)? Do you plan on using it? Let us know your thoughts in the comments below!
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