Bitcoin Support is Finally Coming to the Coinbase Cryptocurrency Wallet App – Blockonomi


Coinbase wallet app users can finally store Bitcoin following the latest update announced the company. Meanwhile, the San Francisco-based cryptocurrency exchange giant has also launched a new earning program that rewards participants with Basic Attention Token (BAT) for using the brave browser.

In a blog post published on Tuesday (February 5, 2019), Coinbase announced that users of the company’s cryptocurrency wallet app can now store Bitcoin. Before this announcement, the app only offered support for ERC20 tokens and ERC721 collectibles, both based on the Ethereum protocol.

App Update for Bitcoin Support Coming for iOS and Android Users

According to the announcement, the company will roll out the update for both the iOS and Android versions of the wallet app. The statement also revealed that the update provides support for both Legacy and SegWit Bitcoin addresses.

Concerning the security features for Bitcoin users, an excerpt from the announcement reads:

“And, as always, your private keys are encrypted on your phone using Secure Enclave technology, to bring you best-in-class security. This specialized hardware is considered the most secure way to safeguard private data on mobile devices.”

In recent times, different commentators have sounded the clamor for cryptocurrency users not to store cryptos on online exchanges. “Not your keys, not your Bitcoin (or crypto),” is becoming a popular maxim for many in the industry. Coinbase even reiterates this point in the announcement, calling on users who use only the online wallet app to try out the user-controlled Coinbase cryptocurrency wallet app.

Adding Bitcoin support could be a major scoop for the company as it tries to create a market presence in the mobile cryptocurrency wallet app arena. The app will certainly have to compete with the likes of BRD, Electrum and several other mobile wallet apps, each with their own unique value proposition.

Having added Bitcoin support, the next question will be when the company plans to include other top-ranked altcoins to its catalog. According to reports, the company is considering adding support for both Litecoin and Bitcoin Cash.

Coinbase Launches BAT Earning Program

In a related development, Coinbase is unveiling a new earning program, this time for completing lessons about BAT. The company revealed the move in a statement issued on its Medium account on Wednesday (February 6, 2017). According to the post, users can participate by completing a series of online tutorial lessons on BAT and earn as much as $10 in BAT tokens.

A portion of the announcement reads:

“Along with the series of educational videos where you can learn more about the Brave browser and BAT, customers will also have the option to earn BAT by using the Brave browser. We hope this will encourage people to explore and use utility tokens first-hand in their native environments, like the Brave browser.”

According to Coinbase, the goal of the new earning campaign is to educate the public on BAT as well as the brave browser. For the company, such educational projects will help to create awareness of the importance of utility tokens in the developing cryptocurrency and blockchain technology narrative.

Furthermore, the company revealed that alongside trading and mining, activities that create the opportunity to earn cryptocurrency would soon be a major part of the emerging digital economy.

The price of BAT immediately reacted to the announcement increasing by almost 21 percent in the last 24 hours according to data from CoinMarketCap. This surge will most likely be temporary as has been the case for other occasions when a notable company announced any development around an altcoin.


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