Altcoin News: Dogecoin Now Supported by Coinbase

According to Coinbase, the addition of the virtual asset is in line with its goal to offer customers a world-leading user-custodied cryptocurrency wallet …
  • Coinbase announces support for Dogecoin cryptocurrency for its crypto wallet app
  • The exchange to also support DOGE testnet tokens for developers on the DOGE network

Coinbase, a San Francisco based cryptocurrency exchange founded in 2012 announced this Wednesday that its Coinbase Wallet app for Android and iOS now supports Dogecoin as well as DOGE Testnet in a bid to meet its goal to create the world’s leading user-custodied cryptocurrency wallet.

Per the blog post, Coinbase Wallet app now supports the storage of Dogecoin, the 27th largest cryptocurrency by market capitalization according to Coinmarketcap’s platform. Dogecoin has historically struggled to find listings on larger exchanges, as it has no team to pay listing fees for it.

As a result, a new wallet update will be rolled out to Android and iOS devices over next week and it will also support DOGE Testnet in order to aid developers and power users.

According to Coinbase, the addition of the virtual asset is in line with its goal to offer customers a world-leading user-custodied cryptocurrency wallet which currently supports Bitcoin, Ethereum, and over 100 ERC20 and ERC71 tokens based on the Ethereum blockchain.

The Coinbase Wallet app differs from the primary Coinbase app, Coinbase.com app since it allows a user to store their own private keys which can be used to access their wallet.

On that note, the digital exchange platform stated that a Secure Enclave technology is used to encrypt the private keys on the user’s phone in order “to bring you best-in-class security.” The hardware employed is also the most secure way of safeguarding sensitive data on smartphones.

On the contrary, Coinbase.com app enables customers to buy cryptocurrency while Coinbase stores the private key to the wallet on their behalf. As such, the Coinbase Wallet app ensures that only the owner of the funds know their private key and retains full control of it.

Much ado about Coinbase

Coinbase has made the headlines frequently in the past few weeks due to the recent developments on its platforms.

On April 10, 2019, the U.S. based company announced its launch of a Visa Debit card for U.K customers which will enable them to make daily purchases in the real world using their cryptocurrency.

Blockchain Reporter on April 18, 2019, also informed of Coinbase for support for Augur (REP) token on its Coinbase.com platform which will enable its customers to buy, sell, convert, send, receive and store the virtual asset.

A more recent report on April 24, 2019, revealed that Coinbase is shutting down its office in Chicago and has taken a step back from the launch of its matching machine.

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