Coinbase Wallet Adds Support For Bitcoin Cash

Coinbase, the largest cryptocurrency exchange and wallet provider in the U.S., has added support for Bitcoin Cash, enabling users to store the coin on their Coinbase Wallet.

According to the company’s February 20 press release, the company’s wallet service already supports Bitcoin, Ethereum, and Ethereum Classic. More than 100,000 different ERC20 tokens and ERC721 collectibles built on Ethereum are also supported, the company said. 

Coinbase users were only able to store Bitcoin Cash (BCH) on other, exchange-controlled wallets. Adding support for the coin will give the Wallet app users better control over their funds as the users control the private keys, the company said in the release.

The wallet app will support both newer CashAddr address formats and Legacy addresses for backward compatibility in all applications, the company said. Users’ private keys are encrypted and stored on their mobile phones using a Trusted Execution Environment or Secure Enclave technology. Siddharth Coelho-Prabhu, the Product Lead at Coinbase, said that the specialized hardware Coinbase uses is considered the most secure way to safeguard private data on mobile devices.

Coelho-Prabhu also said that Coinbase was looking to add support for the JSON Payment Protocol in the future. The Bitcoin Cash Testnet will also be supported in order to “aid developers and power users,” the company revealedEarlier in February, Coinbase added support for Bitcoin (BTC) to its rebranded Wallet app and enabled their users to backup private keys on Google Drive and iCloud.

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