Photo: The Coinbase Blog
On March 12, the world’s leading digital exchange Coinbase pleased its users with a new update: the exchange’s official non-custodial crypto wallet app for iOS and Android Coinbase Wallet can now be linked to users’ Coinbase.com account, which means they are able to easily transfer cryptos to their Wallet app.
“Once your Coinbase account is linked, you can easily transfer crypto to your Wallet app with just a couple of clicks, anytime you need it.”
To link their Coinbase.com accounts to the wallet, users should click Connect Now in the notification, or select ‘Connect to Coinbase’ from the Settings menu at any time. When linked, users can transfer funds at any time from the Settings menu. Unlinking is provided as well.
According to Coinbase’s blog post, Coinbase Wallet will be updated in the next few days and users will then receive an in-app notification to activate the new optional feature.
What’s Different about Coinbase Wallet?
Coinbase Wallet is Coinbase’s user-controlled cryptocurrency wallet. The company explained the difference between Coinbase.com and Coinbase Wallet:
“Coinbase.com a.k.a Coinbase Consumer is a digital currency brokerage – you use it to buy or sell cryptocurrency in exchange for fiat currency (i.e. USD or your local currency). Coinbase Consumer can also act as a custodian, storing your digital currency for you after you purchase it. Coinbase Consumer is available in 32 countries.”
Coinbase further added:
“Wallet is a user-custodied digital currency wallet and DApp browser. This means that with Wallet, the private keys (that represent ownership of the cryptocurrency) are stored directly on your device and not with a centralized exchange like Coinbase Consumer. You do not need a Coinbase Consumer account to use Wallet and you can download Wallet from anywhere in the world.”
With Coinbase Wallet, users get access to a great variety of services based on decentralized innovation. As Coinbase states, it is possible to buy and store ERC-20 tokens, take part in airdrops and ICOs, collect rare digital art and other collectibles, browse decentralized apps (DApps), shop at stores that accept cryptocurrency, and send crypto to anyone globally.
Initially, Coinbase Wallet only supported Ethereum (ETH) and Ethereum-based tokens. In November last year, support for Ethereum Classic (ETC) was added. At the beginning of February, Coinbase Wallet added support for Bitcoin (BTC), and two weeks later, Bitcoin Cash (BCH) became available on the platform.
At that time, the team behind Coinbase promised to add support for more digital currencies, including Litecoin.
Obviously, Coinbase will surprise us with something else very soon, as landmark plans are on its mind. The company is planning a future update to make direct sending crypto back to Coinbase.com account from Coinbase Wallet easier and improve the process of trading or exchanging back into fiat, as well as buying crypto in case your Coinbase Wallet balance is running low.
As for other updates, Coinbase is keeping silent, leaving the world to guess.
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