Coinbase, the digital currency exchange headquartered in California, has rolled out support for Bitcoin Cash [BCH] on its custodial wallet app. With this upgrade, the Coinbase user will now be able to store their BCH in their wallet directly.
“Announcing support for Bitcoin Cash (BCH) on Coinbase Wallet!”
Bitcoin Cash and Coinbase integration was only limited to transactional support previously. However, the update will now allow users to keep their BCH tokens in Coinbase wallets. This update is deployed in Coinbase’s Android as well as iOS versions of the wallet.
Besides, the Coinbase wallet [which is superior to its custodial counterpart with respect to security] supports Bitcoin Cash Testnet to assist developers and power users wherein users can swap between the Advanced settings to the testnet setting.
The exchange already supports Bitcoin [BTC], Ethereum [ETH], Ethereum Classic [ETC] along with more than 100,000 ERC 20 tokens and ERC 21 collectibles.
According to the blog post by the exchange’s Product Lead, Siddharth Coelho-Prabhu,
“Our goal with Coinbase Wallet is to create the world’s leading user-custodied crypto wallet.”
He added that the updated user-controlled crypto wallet is compatible with both CashAddr and Legacy addresses for backward compatibility in all applications. Prabhu further revealed plans to add support for JSON Payment Protocol in its platform.
Twitterverse had a mixed response to the latest announcement. A Twitter user, @PompousLL posted on Coinbase’s original tweet,
”Thanks for dedicating time and money to this, we’ve been eagerly waiting!”
On the other hand, another user, @VCourt_PSD replied,
“Did you know that you can now buy $XRP on @binance with your credit card? You can also buy $XRP on @Bitstamp and many other exchanges with your credit card as well! I know this is old news, but if I can just help one person move away from @coinbase, then I will sleep well!”
Earlier this month, the exchange had added support for Bitcoin [BTC] on its wallet forum.
Recently, Coinbase’s announcement to roll out a facility wherein users can store their private keys within a cloud-based system called – Cloud Backup, was met with a lot of flak from the crypto community. The main purpose of rolling out such facility was higher adoption for digital assets which backfired.
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