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Coinbase Replace Toshi With Coinbase Wallet: Everything You Need to Know

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On 15th August, Coinbase announced that they are saying goodbye to Toshi and hello to Coinbase wallet. But rather than a straight re-branding, the company are adding features and services to the new wallet, as well as implementing a greater level of security. This latter point especially, follows on from their announcement of a distributed systems team, which will focus solely on tying user identity more securely and comprehensively to blockchains, allowing for full control of data.

What Can You Do With Coinbase Wallet?

In Coinbase’s post, they confirmed:

With Coinbase Wallet, you have the ability to:

  • Manage ETH and all your ERC-20 tokens (very soon we’ll be supporting BTC, BCH and LTC).
  • Receive airdrops and ICO tokens.
  • Buy and store crypto collectibles — non-fungible tokens that are unique — and use them in games, or trade them on marketplaces.
  • Send payments to anyone anywhere, without geographical borders or fees.
  • Access leading decentralized exchanges and relayers to buy and sell tokens.
  • Explore the full universe of third party dapps that enable everything from taking out a loan or lending to others on the blockchain to earning crypto by answering questions, performing services, or completing tasks.

– Coinbase Blog

Coinbase have also confirmed that current Toshi users will receive automatic upgrades to Coinbase wallet, so there won’t be any issues with delays in service as Coinbase Wallet is phased in. The only obstacle for current users will be any navigational changes that are rolled up with the change.

To begin with, Coinbase Wallet will only support Ethereum transactions, although Bitcoin, Bitcoin Cash and Litecoin support will be made available very soon.

The blog post also directly addresses the level of security that the wallet provides: With Coinbase Wallet, your private keys are secured using your device’s Secure Enclave and biometric authentication technology. These upgrades (“Secure Enclave is a TEE – Trusted Execution Environment) should greatly enhance smartphone-based security, meaning more user confidence in the platform as a whole, as well as the new features it will introduce.

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