U.S based crypto exchange and wallet Coinbase has added Bitcoin (BTC) to its Coinbase Wallet app, according to an announcement published by ‘The Coinbase Blog’ on February 6.
Brian Armstrong, Co-founder and CEO of Coinbase shared on Twitter that Coinbase will have multi-coin support for its wallet.
— Brian Armstrong (@brian_armstrong) February 6, 2019
The new wallet update with Bitcoin support will be available to all the users on iOS and Android over the next week. Bitcoin support is activated by default; the users just have to tap ‘Receive’ on the main wallet tab and select Bitcoin to send BTC to your Coinbase Wallet.
The Coinbase blog states:
“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.”
Coinbase explained that with the main Coinbase app or Coinbase.com, users could buy cryptocurrencies and the exchange itself saves the keys centrally. But with Coinbase Wallet app, users must safeguard their own private keys, which are encrypted with Secure Enclave technology for better security. The specialized hardware is deemed as the most secure way to safeguard private data on mobile devices.
Coinbase Wallet app supports both newer SegWit addresses with fewer transaction fees, as well as Legacy addresses for backward compatibility in all applications.
Coinbase Wallet also supports the Bitcoin Testnet to assist developers and potential users. The users can switch to the testnet from the Advanced Settings section of the Settings tab.
The crypto exchange firm had earlier announced that the firm is working on support for Bitcoin Cash (BCH), Litecoin (LTC), and other popular cryptocurrencies.
Earlier in January, Coinbase and Ethereum Classic had parted their ways due to the security compromise. Coinbase confirmed on the issue citing that it had identified around 88,500 ETC being double spent to 460,000 U.S. dollars. Coinbase blockchain had been attacked with almost 100 blocks being ‘reorganized’.
However, Coinbase has taken measures to enhance security with Secure Enclave technology. The highly encrypted secure technology will drive in more users of Coinbase to download the Wallet app and start crypto transactions with Bitcoin, Bitcoin Cash, Litecoin and other popular cryptos.