Leading cryptocurrency exchange Coinbase has announced that the popular Toshi cryptocurrency wallet is being re-branded as the new Coinbase Wallet. In a blog post published yesterday, Coinbase announced that the Coinbase Wallet serves as “part of a larger effort to invest in products that will define the future of the decentralized web and make that future accessible to anyone.”
Coinbase states that its company mission is to invest in products that will define the future of the decentralized Internet. The exchange hopes that one day everyone will own a crypto wallet that will serve as the gateway to an open financial system.
Details About the Coinbase Wallet
Coinbase first began developing the Toshi wallet back in 2017. Following its launch, Toshi was the first mobile Dapp browser to ever hit the market and later became the first wallet to launch crypto collectibles.
“Our goal was to make managing crypto and accessing the decentralized web as easy as downloading an app on your mobile phone,” reads an excerpt from the announcement. “And as part of our effort to be the most trusted brand in the space, we also set out to provide best-in-class secure storage.”
Coinbase is attempting to redefine user expectations on what a cryptocurrency wallet should be. The new Coinbase Wallet will secure users’ private keys using Coinbase’s Secure Enclave and biometric authentication technology.
The wallet will come complete with the following features:
- “Manage ETH and all your ERC-20 tokens (very soon we’ll be supporting BTC, BCH and LTC).
- Receive airdrops and ICO tokens.
- Buy and store crypto collectibles — non-fungible tokens that are unique — and use them in games, or trade them on marketplaces.
- Send payments to anyone anywhere, without geographical borders or fees.
- Access leading decentralized exchanges and relayers to buy and sell tokens.
- Explore the full universe of third party dapps that enable everything from taking out a loan or lending to others on the blockchain to earning crypto by answering questions, performing services, or completing tasks.”
Interestingly, for the time being the Coinbase Wallet is only compatible with Ethereum and ERC-20 tokens. However, Coinbase claims to be quickly updating its wallet to support other major coins. Users already using the Toshi wallet are to expect an automatic upgrade to the Coinbase Wallet soon.
“We are in the early days of a new technology revolution,” writes Coinbase’s Siddharth Coelho-Prabhu. “One that will reshape everything we do online — from how we identify ourselves, to performing tasks, to buying and selling goods and services. We view our job at Coinbase as building the easy to use, trusted products that move the world closer to an open financial system. Coinbase Wallet is one part of our effort to accelerate the adoption of crypto and dapps around the world. We’re looking forward to keeping our community updated as we continue to build the most secure and easy to use crypto wallet in the space.”
Coinbase is the most popular cryptocurrency exchange in the United States and is generally considered to be one of the most secure exchanges in the space. The exchange is estimated to have over 11,000,000 users. In June of this year, Coinbase announced that it had acquired 3 SEC regulated securities dealers in an attempt to become a SEC-regulated brokerage dealer.
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