U.S-based crypto exchange and wallet provider Coinbase has added Bitcoin (BTC) to its Coinbase Wallet app. The announcement was shared by Coinbase on February 06.
Brian Armstrong, Co-founder and CEO of Coinbase shared the news on Twitter –
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 the Coinbase Wallet.
The Coinbase blog highlights its goal with the 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 exclaimed that with Coinbase.com, users will have to store buy cryptocurrencies and the exchange will store the keys. But with Coinbase Wallet app, users need to 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.
Earlier this year, Coinbase delisted Ethereum Classic (ETC) owing to a 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.
However, Coinbase has taken strict measures in enhancing 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 cryptocurrencies.