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Coinbase Wallet Expanding with New Support for Bitcoin Cash

The US’s biggest cryptocurrency exchange and wallet provider, Coinbase, announced earlier that it now has added support for Bitcoin Cash to its Coinbase Wallet.

The company made the announcement in a press release published yesterday.

Coinbase Wallet Adds Support for Bitcoin Cash

According to the Coinbase Wallet, the new update is set to roll out in a few weeks:

“The new Wallet update with Bitcoin Cash support will roll out to all users on iOS and Android over the next few weeks.”

Coinbase Wallet

The Coinbase Wallet is an upgraded version of what began initially as Coinbase’s open source decentralized app browser and wallet called Toshi.

Rebranding as Coinbase Wallet, the upgraded version claims to be more secure and more transparent at the same time.

According to the Coinbase Wallet homepage, the service allows customers to store “all your digital assets in one place.” And also to “Use Decentralized Apps” and “Pay friends, not addresses.”

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Effectively, it allows customers to store their own private keys on their devices, buy and store crypto-collectibles, use third-party dApps, and receive airdrops and tokens from initial coin offerings.

Coinbase Movement

The latest support for Bitcoin Cash is just another step forward for Coinbase Wallet, which has been actively updating its service in recent weeks.

Earlier in February, it added support for Bitcoin to its Wallet app. Then on February 13th, it announced that customers can now “back up an encrypted version of their private keys to their personal cloud storage account. These accounts include either iCloud or Google Drive.”

Coinbase itself has bee actively growing too. The crypto service has teamed up with PayPal to offer PayPal withdrawals to Coinbase users in Europe.

The company has been looking to diversify its cryptocurrency support in recent months. It announced in December that it will potentially add an additional 30 different cryptos to its platform. As it stands, it offers users only five cryptos. They are Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.

At the time of writing, Bitcoin Cash is trading for $146.60 USD, up 0.33% on the day, according to CoinMarketCap.

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Coinbase Wallet Now Compatible with Google Drive and iCloud

As of yesterday, users using a Coinbase Wallet can now back up an encrypted version of their private keys to their personal cloud storage account. These accounts include either iCloud or Google Drive. Coinbase released this announcement via its personal blog yesterday.

Coinbase Wallet Upgrades

This new feature is making many within the cryptocurrency community scratch their heads. Coinbase states that the Coinbase Wallet cloud back-up feature is completely optional. The company also explained that the backup is encrypted using a user-provided password with AES-256-CCM encryption. Coinbase claims that this backup is accessible on the Coinbase Wallet.

Coinbase explains their reasoning behind this latest feature:

“Owners of ‘user-controlled wallets’ like Coinbase Wallet sometimes lose their devices or fail to backup their 12 word recovery phrase in a safe place, thus losing their funds forever. Now, with cloud backup, we give you the ability to store an encrypted copy of your recovery phrase on your personal cloud account. You will only have to remember a password, that you decide, in order to recover your funds.”

Coinbase Wallet Backlash

Not everyone seems thrilled about the latest feature, though.

Other crypto investors said:

Given the number of hacks that have occurred with hot wallets since cryptocurrency hit mainstream news in 2017, I don’t blame their hesitation. Coinbase Wallet plans on supporting other clouds in the future.

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With the amount of negative feedback the company has received from the new feature, it remains unknown if they will continue with it. Luckily, this option is a choice. If it wasn’t, I could see a lot of investors ditching the Coinbase Wallet altogether.

While losing private keys can be a scary thing, investors seem more concerned with the centralized cloud backup. At the end of the Coinbase blog post, the company asks for feedback. “Your feedback helps us make Wallet better for everyone,” the blog post concludes.

It remains unknown if the Twitter warriors will keep their comments on the social media platform or if they will productively reach out to Coinbase with their concerns. What are your thoughts?

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