Coinbase has objectively been active in adding new features and improving its platform to survive the severe Crypto Winter.
A year-long bear market has affected all cryptocurrency and blockchain-related industries. As the speculative boom subsided, many disillusioned investors left the market. New players are in no hurry to join the game and no one can say for sure if the market has bottomed or if there is still room left to fall.
In this context, platforms that provide trading services for digital assets are among the most vulnerable industry players. Small and weak companies either stopped operations or filed for bankruptcy. Some of them even performed exit scams. However, large exchanges continue fighting for their users by expanding their functionality, beefing up their offerings, or improving on their technology.
The largest American cryptocurrency exchange, Coinbase, recently added Bitcoin (BTC) support to its proprietary cryptocurrency wallet. The company explained that the updated mobile app would become available for all iOS and Android users within the next week. To ensure a hassle-free experience, the Bitcoin support will be activated automatically once the app is updated — meaning users will be able to receive Bitcoin just by tapping the “Receive” button.
Coinbase Has a New Wallet?
Coinbase promotes its wallet as the most comfortable and secure way to get involved in the digital world. Apart from Bitcoin, the app supports Ethereum (ETH), Ethereum Classic (ETC), and many ERC20 tokens and ERC721 collectibles built on Ethereum platform. Users can participate in airdrops, create digital collections, connect decentralized apps, and shop at stores that accept cryptocurrencies.
Coinbase Wallet is a user-custody wallet. Unlike the flagship Coinbase app or the web-platform, users’ private keys are encrypted by Secure Enclave technology and never leave their devices.
Bitcoin support seems to be a natural stage of evolution for the app. The company is also working on integrating Bitcoin Cash (BCH), Litecoin (LTC), and other popular coins to the wallet.
PayPal is Back
In a separate press release, the company announced that users from the European Union (EU) and European Free Trade Association countries may withdraw money to their PayPal accounts. Users in the United States have had access to a PayPal withdrawal option since Dec 2018 — while the European customers were restricted to SEPA and UK Faster Payments.
It is not the first time Coinbase has partnered with the payment system. Initially, the PayPal withdrawal option was added in 2016. However, the company had to turn it off due to technical issues.
The addition of PayPal as a withdrawal option, along with enhanced functionality of the Coinbase Wallet, underlines the company’s desire to improve user experience and facilitate the new technology adoption. These endeavors during crypto winter will likely pay off when the spring comes.
Have you ever used Coinbase Wallet? Do you think Bitcoin support will increase its user base? Let us know what you think in the comments below.
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