Coinbase recently rebranded Toshi Wallet to Coinbase Wallet. The rebranding came together with a set of new features and improvements.
It promised that it was more than just a name change, with more products coming that would define the decentralized web as we know it. It is all part of the leading exchange’s plans to offer customers greater flexibility and accessibility.
Earlier, Coinbase revealed that it was exploring possible additions to the number of digital assets available on its site. It teased a number of highly popular tokens like Cardano (ADA), Stellar (XLM), Zcash (ZEC), Basic Attention Token (BAT), and Ox (ZRX).
The U.S-based platform did, however, notify users that this did not mean it would automatically add the tokens to the site.
The crypto community has since been anxious. Every coin wants to be on Coinbase.
Coinbase, however, sometimes springs surprises, like listing BCH ahead of XRP or omitting the latter from a group of five coins under consideration for listing.
The community should not read too much in seeing Maker (MKR), Ox (ZRX), and Basic Attention Token (BAT) on the renamed Wallet. Nonetheless, a few within the community are still surprised.
Does displaying these coins mean anything? Is Coinbase teasing the coins that it will list on the exchange?
These are some of the questions causing speculation among users. However, it may not mean anything bigger than the fact that Coinbase is considering these tokens. After all, Maker isn’t meant to be on Coinbase exchange, but Custody.
From Toshi wallet to Coinbase Wallet
Toshi (now Coinbase Wallet) is an open-source and decentralized application (dApp) wallet. It currently has support for Ethereum (ETH) and ERC-20 tokens. However, there are plans to add support for Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC).
Coinbase first developed the Toshi wallet in 2017, launching it as the first mobile dApp browser in the market. A little while later, Toshi led all other wallets as the first to support crypto collectibles.
According to the Coinbase team, the objective of developing the wallet was to make it easy for the community to manage crypto assets. It also aimed at making access to the decentralized web something akin to downloading an app on a user’s mobile phone.
A part of the platform’s announcement concerning the name change states that the exchange wants to remain the ‘most trusted brand’ within the crypto wallet space, providing the best secure storage.
Talking of security, the new Coinbase wallet secures users’ private keys through an inbuilt security system that includes the platform’s Secure Enclave. A user is assured of further security via the use of biometric authentication technology.
Apart from making transacting easier for users, some of the features below will also add to its attractiveness.
- Easily manage ETH and any ERC-20 token
- Participate in airdrops and coin offerings (ICOs)- receive ICO tokens
- Allow buying and storing of collectible crypto assets
- Be able to send payments to anyone, anywhere
- Access to decentralized exchanges or relayers where you can buy and sell any number of tokens.
- Be able to explore a full range of dApps.
Coinbase said that Toshi will automatically update to the new wallet, and users should be ready to enjoy the same great products.
Adoption of crypto and dApps are probably the two most important milestones in crypto right now. One of the sites that will play a big role in its march towards the mainstream is undoubtedly Coinbase.
Coinbase is doing a great job in the crypto world. It recently hit about 500 employees even as it seeks to expand with various other services like the index fund and custody services.