Over the next week, Coinbase wallet app users on iOS and Android will be able to store their Bitcoin (BTC). This feature will be activated by default as soon as users update their Coinbase wallet app, said the official announcement.
This means that if you’re using the Coinbase wallet app and install the update once it becomes available next week, all you have to do to receive Bitcoin directly in your wallet is to tap the “receive” button.
The Coinbase blog post said:
The new Wallet update with Bitcoin support will roll out to all users on iOS and Android over the next week. Bitcoin support is activated by default — all you need to do is tap ‘Receive’ on the main wallet tab and select Bitcoin to send BTC to your Coinbase Wallet.
In the announcement, Coinbase also said that private keys are encrypted on the user’s phone through a technology they call Secure Enclave. This technology is said to be the most secured way of safeguarding private data on mobile devices. Additionally, the Coinbase wallet app also supports the Bitcoin Testnet which is meant to be used by developers and power users.
The Coinbase blog also said that their wallet app is already supporting Ethereum (ETC), Ethereum Classic (ETH), and more than 100,000 ERC-20 tokens and ERC-721 collectibles. Coinbase will also soon support Bitcoin cash (BCH), litecoin (LTC) as well as other major cryptocurrency. For backward compatibility, Coinbase wallet app also supports SegWit and legacy bitcoin addresses.
Aside from the soon to be released update to the wallet app, Coinbase also announced that PayPal withdrawals has also been enabled for their customers in 32 EU And European Free Trade Association countries. So uses can easily withdraw the equivalent fiat money of their cryptos stored in the Coinbase wallet whenever they need it.