U.S.-based Coinbase cryptocurrency exchange announced on Tuesday, Feb. 5, that its cryptocurrency wallet app will now include support for Bitcoin (BTC). The wallet previously supported only Ethereum (ETH), Ethereum Classic (ETC) and several other ethereum-based tokens.
In May of last year, the Coinbase Wallet (then Toshi) promised to expand its support from Ethereum-based cryptocurrencies to include Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC). It has now fulfilled the first leg of that promise to its users.
“Starting today, you can now store your Bitcoin (BTC) directly in the Coinbase Wallet app,” the blog post published on the Coinbase website read.
Coinbase wallet was originally developed as a wallet for ethereum tokens and crypto collectibles known as Toshi. In August last year, Toshi officially moved to Coinbase wallet with a promise to support a broader array of cryptocurrencies and crypto services. As reported in April 2018, Coinbase acquired ethereum wallet providers, Cipher Browser after which it merged the features of Cipher into Toshi and announced founder of Cipher browser Peter as the head of Engineering at Toshi.
In yesterday’s blog post, Coinbase noted that its wallet app already supports Ethereum, Ethereum Classic, and over 100,000 different ERC20 tokens and ERC721 collectibles built on Ethereum. It noted that the adding support for Bitcoin is an important next step in its goal of creating the world’s leading user-custodied crypto wallet.
The new wallet, which Coinbase says will be rolled out to all users over next week will also support newer SegWit addresses that attracts lower fees along with the regular legacy addresses and also the Bitcoin testnet for developers. It will also be backward compatible in all applications.
Bitcoin support will come by default to the upgrade which will be available for iOS and Android versions of the mobile wallet. The new feature plugs in properly with the Coinbase main platform Coinbase.com from where users can easily send BTC to their mobile wallet.
On Tuesday also, Coinbase announced that it had integrated PayPal withdrawal for users in Europe weeks after the feature was added for U.S. customers. As Smartereum reported, the exchange said the move take it closer to fulfilling its goal of creating an open financial system.