- Bitcoin cash can now be stored in your Coinbase wallet alongside the many other ERC20 tokens
- Private keys are now encrypted and can be safely stored in the cloud thus providing better security and less chances of loss of funds
Coinbase, the most popular crypto exchange of the United States announced on 20th February 2019, on the company’s blog that its users can now store and transfer their Bitcoin cash (BCH) directly in their Coinbase Mobile Wallet. Siddhart Coelho-prabhu of the Coinbase team posted the announcement on the company’s blog. The announcement stated:
“Our goal with Coinbase wallet is to create the world’s leading user custodied crypto wallet. Coinbase wallet already supports Bitcoin, Ethereum, Ethereum classic and over 100,000 ERC20 tokens and ERC721 collectibles built on Ethereum. Adding support for Bitcoin Cash is an important next step in that direction.”
In the coming few weeks users of both iOS and Android will be able to keep all their Bitcoin Cash in their Coinbase wallet. Further in the announcement, it stated that:
“BCH support is activated by default – all you need to do is tap ‘Receive’ on the main wallet tab and select Bitcoin cash to send BCH to your Coinbase wallet,” both address formats, legacy and CashAddr, will be active. As for private keys, they’re encrypted on our mobile devices using “Secure Encalve technology” which provides users with the “best-in-class” security.”
The wallet also supports the BCH testnet and users can switch to it from the advanced settings. The company also plans on supporting the JSON payment protocol in the future.
Coinbase Tightening up on Security
On February 12th, Coinbase had announced that its users can now store an encrypted version of their private keys to their personal cloud storage accounts like iCloud or Google drive.
This new feature provides a safeguard for users, thus it will prevent loss of funds. This feature enables users to not have to worry about losing access to their wallets because people often tend to misplace their 12 word recovery phrase. With this feature users just have to remember a password to recover your funds. If you lose access you could recover your account with your cloud and password combination.
Crypto exchanges have lately received a lot of hate from people because of the multiple instances when funds disappeared as well as many exchanges being hacked. ‘Mt. Gox’ has been a number one in these cases.
Coinbase is taking great steps to avoid these kinds of mishaps. The users now get more control over their funds. The addition of support for BCH comes just days after the exchange revealed that the users would now get access to their BSV, but BSV would not be allowed to be traded on their platform.