Coinbase Increasing Global User Control
08 February 2019 - 05:47AM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
February 07, 2019 -- ADVFN Crypto NewsWire -- 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2016, but due to licensing issues was withdrawn by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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