Coinbase has added support for Bitcoin (BTC) to its Wallet app, a move that means users will now have direct control of their crypto holdings.
In a blog post announcement published on Wednesday, February 6, the crypto exchange stated that it would update its Coinbase Wallet over next week and add support for bitcoin to all of its users on the iOS and Android platforms.
Coinbase explained that the Coinbase Wallet app differs slightly from Coinbase.com. As for the latter, the exchange stores the crypto assets users purchase as well as their private keys.
However, with Coinbase Wallet, users get the advantage of storing their cryptocurrencies and have control over their unique private keys. Secure Enclave technology is used to encrypt users’ private keys, providing an additional layer of security.
The San Francisco-based exchange announced that activation for Bitcoin support would be by default, which means that users only need to tap on the “receive” tab in their wallet app and select “bitcoin” for them to receive the crypto.
Coinbase Wallet has support for Ethereum (ETH), Ethereum Classic (ETC) and over 100,000 ERC-20 tokens as well as ERC-721 collectibles.
Support for other major cryptocurrencies, including Bitcoin Cash (BCH) and Litecoin (LTC) will be added to the decentralized wallet app in due course, the exchange said.
Other than that, Coinbase announced that the Wallet offers support for both SegWit and Legacy addresses, allowing for backward compatibility.
Coinbase has indicated the desire to continue pushing the boundaries by adding new services.
On February 5, Coinbase announced that it had added support for fiat withdrawals for its European Union customers in 32 EU countries and the European Free Trade Association countries.
The exchange said that customers in these regions could utilize online payments platform PayPal to make withdrawals. The leading U.S. crypto exchange rolled the PayPal feature to its customers in the United States in December last year.
Last month, the firm announced it had added a cross-border wire transfer feature targeting institutional clients in major markets of Asia, the U.K. and Europe.
In January still, Coinbase partnered with Intuit Consumer Tax Group to integrate the TurboTax feature and added other tax support resources to help U.S.-based customers to file their taxes on crypto holdings.
Earlier, the exchange had added the Coinbase Convert feature that allowed retail traders to trade bitcoin against other cryptocurrencies. The feature enables users to convert bitcoin to altcoins like Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC) and 0x (ZRX).
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.