Coinbase Wallet’s Siddharth-Coelho Prabhu announced on the company’s blog on Wednesday that it will be adding support for Bitcoin Cash (BCH). Users can store their BCH holdings directly in the Coinbase Wallet app.
Coinbase Moves on With Its Mission
“Our goal with Coinbase Wallet is to create the world’s leading user-custodied crypto wallet.”
He said that adding BCH is an important step towards fulfilling this goal. The Coinbase Wallet can provide support for Bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash and 100,000+ other ERC20 tokens and ERC721 collectibles built on the Ethereum network.
The new Wallet update will roll out to all users on Android and iOS over the next few weeks. The support for BCH will be activated on all wallets by default. Users will only have to tap on ‘Receive’ on the main wallet tab to select Bitcoin Cash. They can click on send to move BCH out of their wallets.
Support for Cashaddr Address
Coinbase Wallet will support the Legacy BCH addresses for backward compatibility as well as the newer CashAddr address formats. The private keys are encrypted on the phone with Secure Enclave technology that helps you bring best-in-class security. The specialized hardware is considered the most secure way to safeguard private data on mobile devices.
Wallet will also aid power users and developers by supporting the Bitcoin Cash Testnet. Users can visit the Advanced Settings section of the Settings tab. It is also planning to add support for JSON Payment Protocol in the future. Coinbase also said that it is working on adding support for other popular digital cryptocurrencies.
Coinbase also urged its users to use Coinbase Wallet if they have only used the Coinbase.com app to date. Coinbase Wallet is a user-controlled cryptocurrency wallet offering by the crypto exchange.