Cryptocurrency exchange Coinbase announced today that it is adding support for Litecoin (LTC) on its Coinbase Wallet app. Siddharth-Coelho Prabhu from the Wallet team broke the news on the company blog today.
Adding LTC After BCH
Prabhu wrote that Coinbase Wallet intends to “create the world’s leading user-custodied crypto wallet.” Coinbase sees the addition of Litecoin on the wallet as an important step in reaching its goal. The Wallet currently supports Bitcoin, Ethereum, Ethereum Classic, and 100,000+ different ERC20 tokens and ERC721 collectibles- both built on the Ethereum blockchain. Recently, Coinbase Wallet also added support for Bitcoin Cash (BCH) on their platform.
The newly updated wallet will start rolling out to all users on Android and iOS in the next few weeks. Litecoin support will be activated on the wallet by default. Users will have to click on “Receive” button located on the main wallet tab.
Which Addresses Will Be Support?
Coinbase Wallet will support both the older Legacy addresses for adding backward compatibility in the application and the newer SegWit address formats that provide lower mining fees. The private keys of the users are encrypted on the phone using Secure Enclave Technology. The user-custodied wallet gets best-in-class security with the wallet.
Developers and power users who want to connect with the Litecoin testnet can also find the option in the Coinbase Wallet. They will have to click on Advanced Settings on the Settings tab to switch between the testnet and mainnet. Coinbase Wallet is also planning to add support for the JSON Payment Protocol in the future.
Coinbase Wallet will also add support for more cryptocurrencies in the future. In its recent blog, it also urged its consumers to try the Coinbase Wallet if they haven’t yet and wrote:
“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 (safeguarded by a private key that only you know).”