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Coinbase Increasing Global User Control

February 7, 2019

 

The continued expansion of toolsets and integrations via the Coinbase cryptocurrency exchange is unmatched. Coinbase is developing the diverse capabilities needed to bring on a global influx of cryptocurrency users, both for everyday citizens using the currencies and for institutional investors looking to diversify their investment portfolio. And perhaps most importantly, the company continues to do so while maintaining the highest standard of regulatory compliance for the given country or region they are active in.

 

Wallet Upgrades

 

Coinbase released a mobile wallet last year that put users in total control of their ERC-20 tokens. These are any cryptocurrencies operating on the Ethereum or Ethereum Classic networks, in addition to ERC-721 tokens, which operate on the same networks but are designed to represent unique data. They are they type of token used for apps like CryptoKitties, where each token uses a unique cryptographic identifier so that it cannot be replicated.

 

However, until this week, the wallet was not compatible with Bitcoin. Coinbase has announced full integration of the classic cryptocurrency, as well as plans for support for bitcoin cash (BCH), litecoin (LTC) and other major cryptocurrencies in the near future. One of the most important features of the Coinbase wallet is that is gives users control of their private keys, rather than storing them in a centralized data based owned or operated by Coinbase. The wallet also supports both SegWit and legacy bitcoin addresses for backwards compatibility.

 

Expanding PayPal Integration

 

Although Paypal has not introduced any direct features for integrating cryptocurrencies, the company has been developing the technology for years. In December of last year Coinbase brought back the ability for customers in the U.S. to make deposits and withdrawals through Paypal, and most recently they have instituted this service for 32 EU and European Free Trade Association countries. This feature was initially established in 2016, but due to licensing issues was withdrawn by Paypal.

 

The company has been working on an in-house cryptocurrency network for nearly a year. A team of 25 has been working on a Venmo-esque app  at the PayPal Innovation lab. The app has now been live for a almost three months, receiving positive feedback from the employees. In general it is a “Venmo-like feed people can like and comment on and see all the activity going on within PayPal related to innovation” - Director of innovation Michael Todasco.

 

Other Added Features

 

Coinbase created a cross-border wire transfer service for institutional clients in Asia, the U.K. and Europe last month. And for retail investors, they introduce direct connection to the tax-filing platform TurboTax. Offered by Intuit Consumer Tax Group, the company is one of the largest tax-focused financial services organizations in the United States.

 

 

 

By: BGN Editorial Staff

 

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