Testing the Newly Transformed Non-Custodial Coinbase Wallet

Wallets

A while back, the San Francisco-based exchange Coinbase announced the launch of an ethereum-based wallet called Toshi. The application was a private and secure messaging platform tethered to a non-custodial ETH wallet. Now Coinbase has decided to revamp the application and Toshi will become the ‘Coinbase Wallet’ which will not only offer ETH and it’s token derivatives but soon it will also hold BCH, LTC, and BTC.

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Toshi Platform Changes to Coinbase Wallet

Testing the Newly Transformed Non-Custodial Coinbase Wallet Next time someone tells you Coinbase is “not a wallet” you can tell them that the San Francisco firm does offer a non-custodial wallet that provides users with private keys. The wallet is called Coinbase Wallet, a rebrand of the Toshi Wallet the company introduced back in April of 2017. On August 15, the Coinbase engineer Siddharth Coelho-Prabhu revealed the ETH and ERC-20 wallet known as Toshi was changing names but the Coinbase Wallet will have a slew of new features including the ability to hold bitcoin cash (BCH), bitcoin core (BTC) and litecoin (LTC).

“Toshi was developed by the Coinbase team a little over a year ago — When the product launched, it featured the world’s first mobile dapp browser — Later, we became the first wallet to launch crypto collectibles,” Coelho-Prabhu explains.

As part of our effort to be the most trusted brand in the space, we also set out to provide best-in-class secure storage. With Coinbase Wallet, your private keys are secured using your device’s Secure Enclave and biometric authentication technology.  

Testing the Non-Custodial Coinbase Wallet

The Coinbase wallet provides users with a platform that manages ETH, and ERC-20s but also allows crypto collectible storage, and the ability to garner air drops. Furthermore, the application allows users to access decentralized token exchanges and relayer platforms. News.Bitcoin.com gave the wallet a test-run on iOS this week and the Coinbase Wallet does, in fact, allow the owner to procure their own private keys with a recovery phrase. The user is asked right away to write down and store the phrase in a safe location, but they can also choose to ‘backup later’ as well. Followed by the backup step, the wallet then asks if the user wants to utilize biometry (fingerprint) or set up a less secure six-digit passphrase. After all the security steps are complete the Coinbase Wallet provides an ethereum address screen that can also show tokens and collectibles.

Testing the Newly Transformed Non-Custodial Coinbase Wallet News.Bitcoin.com testing out the new Coinbase Wallet on iOS. 

Then there’s a decentralized application browser inside the wallet, which features a wide variety of apps, gaming platforms, and marketplaces that can be used with ethereum, and other token assets. The wallet also has a messenger where you can chat with friends or chat and interact with group chats and wallet bots like the @Toshibot. Overall, the wallet is fairly intuitive like most light clients out there today, but people who are interested in the token economy will find it more useful. When BCH, BTC, and LTC are added, the wallet software will likely open up to a much larger audience.       

The Coinbase Wallet is available for Android systems and iOS and existing Toshi users just need to upgrade the client’s firmware to see the changes. The decentralized app browser works with any platforms that use web3.js, and the wallet also offers native support for ERC-721 tokens. For those who have absolutely no interest in the ethereum ecosystem, they may want to wait until Coinbase adds BCH, LTC, and BTC.

What do you think about the Toshi app changing into the Coinbase Wallet? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock, the Coinbase Wallet, and Jamie Redman.


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Crypto Markets See Slight Slump, Ethereum Fails to Hold $300 Support

Saturday, August 18: crypto markets have seen another slump today, with some coins wavering following weekly gains, according to data from Coinmarketcap. Total market cap has dipped as low as $210 billion at press time.

Market visualization

Market visualization from Coin360

Bitcoin (BTC) is down 1.79 percent over the past 24 hours, trading at $6,396 at press time. With that, the top cryptocurrency has seen an intraday high of $6,562. The coin has lost around 13 percent over the past 30 days, while holding its weekly gains, according to Coinmarketcap.

Bitcoin 30 days price chart

Bitcoin 30 days price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has failed to hold $300 support, trading at $291 at press time. The major altcoin has suffered a 3.74 percent loss over a 24 hour period, also having failed to keep momentum over the week with an 11 percent loss in the past 7 days.

Ethereum price chart

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Total market cap has taken a somewhat downward trend today, dipping as low as $208 billion. At press time, total market capitalization has seen modest growth, now amounting to $210 billion.

Intraday Total market capitalization chart

Intraday Total market capitalization chart. Source: Coinmarketcap

While total market cap is down, Bitcoin is holding its position in the crypto market, with its dominance standing at 52.27 percent at press time.

Ripple (XRP), the third biggest altcoin by market cap, has also taken a hit, down 6 percent on the day and currently trading at $0.31.

Ripple recently partnered with three crypto exchanges to develop its cross-border payments service xRapid, enabling a “healthy” ecosystem for  transactions between XRP and U.S. dollars, Mexican pesos, and Philippine pesos.

Ripple 7 days price chart

Ripple 7 days price chart. Source: Cointelegraph XRP Price Index

Stellar (XLM) and Monero (XMR), are also down 2.3 and 0.6 percent over the past 24 hours, respectively. Stellar is trading at $0.22, while Monero stands at $96.19 at press time.

Ethereum Classic (ETC), which was recently listed by major U.S. crypto exchange and wallet service Coinbase, has given up its eleventh position on the market to TRON (TRX), according to Coinmarketcap. Now ranking 12th, ETC is down 7.8 percent, currently trading at $13.09.

Major Exchange CEO: Despite Correction, Demand For Bitcoin Has Not Declined

Yoni Assia, the CEO of major multi-asset trading platform eToro, has said that the correction of Bitcoin is positive for the long-term health and growth of the crypto market.Throughout August, Bitcoin recorded its third major correction in 2018, as its price fell from $8,500 to $5,850. But, shortly after dipping below the important $6,000 support level, the dominant cryptocurrency recovered relatively quickly to mid-$6,000.1-day Bitcoin price chart, provided by Cryptowat.chDemand For Bitcoin Has Not DeclinedIn an exclusive interview with NewsBTC, Assia, who oversees one of the biggest online trading platforms in the global finance sector with more than 8 million users, said that market correction was necessary in order for the crypto market and industry to mature, establishing a foundation for future rallies.He emphasized that the demand for Bitcoin and cryptocurrencies as an emerging asset class has not declined even after the 78 percent correction in the valuation of the crypto market. Assia said:“In our view, the recent market correction is good for the long-term development of the market. Cryptoassets are still a relatively nascent market; emerging technologies like this often see swings in their value in the early days. Market adjustments like those we have experienced recently help to stabilize prices, and make the industry more robust. Despite these adjustments, however, we have not seen a significant dip in demand for digital assets.”Crucially, Assia added that based on market data eToro obtained, the demand for Bitcoin will not slow down in the near future, as the crypto market continues to grow at exponential pace.“As the market matures, more investors are expanding their portfolios to include cryptos, while new investors are opening portfolios to trade crypto assets. We do not expect this demand to slow down any time soon, as more people recognize the potential of crypto assets,” Assia stated.Massive Improvements in Market StructureThe steep drop in the price of Bitcoin and other major digital assets such as Ethereum, Bitcoin Cash, and Ripple this month was unexpected by the vast majority of investors, particularly because of the emergence of significantly positive developments in the global cryptocurrency sector.In August, the New York Stock Exchange, Microsoft, and Starbucks formed an initiative called BAAKT to improve the usability and adoption of cryptocurrencies, the Japanese and South Korean governments disclosed their intent to strictly regulate cryptocurrency exchanges as regulated financial institutions, and the government of China has spent over $3 billion to finance blockchain startups.Yet, despite the inflows of positive news and events, the cryptocurrency market has shown a strong downtrend with lack of momentum.Some investors have speculated that the over-the-counter (OTC) market, which is said to be two to three times larger than the public cryptocurrency exchange market, caused the market to drop.Regardless, Assia explained that once regions with opaque policies regarding cryptocurrencies such as India clarify their stance on digital currencies as an asset class, the sector will see more positive and optimistic developments, inevitably pushing the price of major digital assets upwards.“The potential of blockchain technology is becoming increasingly clear to governments and financial institutions worldwide, as we have seen in recent attempts to incorporate this technology into their existing structures. We also know that institutional investors are waiting for regulatory clarity to move from the side-lines to the centre of the playing field. As we see developments move forward in these areas, we expect the price of Bitcoin and other cryptoassets to climb higher, though we may see some volatility as investors respond to short-term market news,” Assia told NewsBTC.