Coinbase Links User Accounts on Its Main Platform to Its Wallet App
Coinbase links its main app to its wallet product, allowing users to fund the wallet directly from Coinbase.com accounts.
According to the company, Coinbase Wallet is slightly different from the main app, referred to as Coinbase.com. With the latter, a customer’s cryptocurrencies and private keys are stored by Coinbase. With Coinbase Wallet, users store their own crypto protected by their unique private keys.
The exchange has explained that the wallet can now be connected to accounts on its main platform for quick transfers from the main account to the wallet. As per the announcement, Coinbase Wallet will be updated within a few days and users will then receive an in-app notification to activate the new feature.
In future, the company promises to allow customers to send crypto back to their main account from the wallet.
Lately, Coinbase has been in the middle of a scandal following its acquisition of blockchain intelligence startup Neutrino for $13.5 million. Previously, Neutrino was allegedly affiliated with Hacking Team, which purportedly sold surveillance capabilities to governments and law enforcement agencies.
As the the crypto community launched a hashtag #DeleteCoinbase, urging users to cut ties with the exchange over the acquisition, the company moved to fire Neutrino staff with prior connections to Hacking Team.
In other crypto wallets news, the official wallet of major crypto exchange Binance, Trust Wallet, has recently added support for credit card purchases and crypto asset XRP. Yesterday, another crypto wallet, Abra, launched native Ethereum (ETH) support, previously only offering exposure to the crypto as a “synthetic asset.”