Coinbase, the largest cryptocurrency exchange and wallet provider in the US, added support for Bitcoin Cash on the Coinbase Wallet app-allowing users to store and retain custody over their own private keys.
On Feb. 20, the company announced that it added support for Bitcoin Cash on its Coinbase Wallet, allowing users to store the cryptocurrency.
Previously, Coinbase users were only able to store Bitcoin Cash on other exchange-controlled wallets.
Adding support for the coin will give Wallet app users better control over their funds, for example, by providing users with control over their own private keys, the company stated in the release.
The wallet app will support both newer CashAddr address formats and Legacy addresses for backward compatibility in all applications, the company also said.
The Coinbase Wallet app is marketed as a more secure solution than Coinbase's custodial on-platform wallet, especially for those conscious about asset custody.
Siddharth Coelho-Prabhu, the product lead at Coinbase, said that the specialized hardware Coinbase uses is considered the "Most secure way to safeguard private data on mobile devices."
Coelho-Prabhu also said that Coinbase was looking to add support for the JSON Payment Protocol in the future.
The Bitcoin Cash Testnet will also be supported in order to "Aid developers and power users," the company revealed.
Earlier in February, Coinbase added support for Bitcoin to its rebranded Wallet app and enabled their users, in a controversial move, to back up private keys on Google Drive and iCloud.
Coinbase Adds Support for Bitcoin Cash on Wallet App
gepubliceerd op Feb 21, 2019
by Cryptoslate | gepubliceerd op Coinage
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