Coinbase has announced support for bitcoin core (BTC) in the company’s noncustodial wallet. The wallet was originally originally dedicated to ethereum (ETH), ethereum classic (ETC), ERC721 and ERC20 tokens. The San Francisco based company plans to add more currencies to the wallet in the near future.
Noncustodial Coinbase Wallet Now Supports BTC
After building a slew of custodial services, Coinbase released a noncustodial wallet for storing, sending, and receiving ETH, ETC, and a wide array of ERC-based tokens. Coinbase Wallet is a rebrand of the ‘Toshi’ client the company introduced back in April of 2017. The wallet also connects to a dapp browser that showcases certain ETH-fueled platforms. A few weeks ago Coinbase announced the development team was in the midst of adding BTC support to the wallet, and on Feb. 5, Coinbase representative Siddharth Coelho-Prabhu revealed that developers have fully integrated support for BTC. “Our goal with Coinbase Wallet is to create the world’s leading user custodied crypto wallet,” ran the announcement.
“Bitcoin support is activated by default — all you need to do is tap ‘Receive’ on the main wallet tab and select Bitcoin to send BTC to your Coinbase Wallet,” Coelho-Prabhu detailed. “Coinbase Wallet supports both newer segwit addresses with lower transaction fees, as well as legacy addresses for backward compatibility in all applications.”
Setting up a new Coinbase Wallet with username and passcode.
Just like the previous version of the wallet, the light client’s private keys are encrypted on your mobile phone or tablet using secure enclave technology. “This specialized hardware is considered the most secure way to safeguard private data on mobile devices,” Coelho-Prabhu explained. The Coinbase light client also supports the BTC and ETH testnets so programmers can work with testnet coins to deploy cryptocurrency integrated applications. At the moment most applications in the browser, like Peepeth, Instadapp, Totle, Cent, Smartdrops, Compound, Paradex, Oasis Direct, and Airswap are all Ethereum-based protocols. You can also click the “Discover Dapps” button to find more applications within the wallet’s browser.
Backing up the Coinbase Wallet’s private keys and the BTC wallet interface.
Bitcoin Cash, Litecoin, and Other Coins Will Be Supported Soon
Coinbase also details the company will be adding bitcoin cash (BCH), litecoin (LTC) and other popular digital assets soon. When BCH gets added to the wallet lineup there’s a wide variety of dapps that could be added to the Coinbase browser like Memo.cash, Craft.cash, Wormhole, the Simple Ledger Protocol (SLP) and Bookchain.
The Coinbase Wallet’s dapp browser, testnet section, and active wallets.
Not only has Coinbase announced BTC integration, but the company recommends Coinbase.com users should check out the wallet as it gives them control over their keys. The San Francisco company also emphasized the difference between the newly revamped wallet and the firm’s traditional brokerage operations.
“With Coinbase.com, you can buy crypto and Coinbase stores it (along with your private keys) for you; with Coinbase Wallet, you store your own crypto that’s safeguarded by a private key that only you know,” Coelho-Prabhu’s post concludes.
What do you think about the newly revamped Coinbase Wallet with added BTC support? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Jamie Redman, and the Coinbase Wallet.
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Source : Bitcoin