Coinbase Wallet: Definition, Features and Functions for Storing Crypto

Bittime - Coinbase Wallet is a non-custodial crypto wallet that gives you complete control over your digital assets. Get to know its features, functions and history in this article!

However, is Coinbase Wallet just another storage wallet? Or are there other advantages that make it more attractive to crypto users? This article will take an in-depth look at Coinbase Wallet, its main features, history, and benefits for digital asset users.

What is Coinbase Wallet?

Coinbase Wallet is non-custodial crypto wallet. This crypto wallet allows users to store, manage, and send and receive digital assets with complete control over their private keys. 

Unlike custodial wallets that are controlled by exchanges, in Coinbase Wallet, users themselves are responsible for the security of their assets.

This wallet was developed by Coinbase, one of the largest crypto exchange platforms in the world. With Coinbase Wallet, users can access various blockchain-based applications (dApps), exchange tokens directly from the wallet, and safely store NFTs.

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Key Features and Functions of Coinbase Wallet

Coinbase Wallet comes with various superior features that make it easier for users to manage their digital assets. Here are some of the main features and functions:

1. Secure Digital Asset Storage

Coinbase Wallet supports storing various types of digital assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Avalanche (AVAX), Binance Smart Chain (BSC), as well as thousands of other tokens. This wallet also supports NFT storage on various networks.

2. Full Control over Private Key

Unlike wallets on crypto exchanges, Coinbase Wallet gives users complete control over their private keys. This means only the wallet owner has access to their assets, without third party interference.

3. Integration with dApps and Web3

Coinbase Wallet allows users to connect with a variety of decentralized applications (dApps), including projects DeFi (Decentralized Finance) such as Uniswap, Aave, and OpenSea for NFTs. This wallet also has a built-in browser to easily navigate the Web3 world.

4. Support for Token Swap

Users can do token exchange directly within the application through various decentralized exchanges. This feature makes it easier for users to buy or sell digital assets without having to switch platforms.

5. Layered Security

Coinbase Wallet offers advanced security features such as two-factor authentication (2FA), biometric security (fingerprint or Face ID), and integration with hardware wallets such as Ledger for additional protection.

6. Buying Crypto with Fiat

Users can buy crypto assets using credit or debit card directly from the Coinbase Wallet app, without needing to access an external exchange.

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A Glimpse into the History of Coinbase Wallet

Coinbase Wallet was originally known as Toshi when it launched in 2017. At that time, the wallet focused on the Ethereum ecosystem and provided a built-in browser for interacting with dApps.

On August 2018, Toshi officially changed its name to Coinbase Wallet and extends its support to various blockchain networks. Here are some important milestones in Coinbase Wallet history:

• February 2019: Added support for Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC).
• February 2020: Introducing features username, allowing users to send crypto without having to remember long wallet addresses.
• October 2020: Launched in-app crypto purchasing feature using fiat currency.
• July 2021: Added support for Polygon networks.
• 2022: Extends support to Solana, Avalanche, and Binance Smart Chain, increasing the number of tokens that can be stored.
• 2023: Presents features in-app messaging (in-app messaging) And staking Ethereum.
• July 2024: Launch Smart Wallet, which simplifies the storage and transaction process with features such as login using Face ID, Google Chrome Profile, or YubiKey.

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Conclusion

Coinbase Wallet is the ideal solution for users who want to have complete control over their crypto assets without relying on third parties. 

With advanced security features, support for various blockchain networks, and integration with dApps and DeFi, this wallet is suitable for both beginners and experienced users.

However, because of its nature non-custodial, the security of the wallet completely depends on the user. Therefore, it is important to always suggest seed phrase and keep devices secure so you don't lose access to digital assets.

FAQ

1. Is Coinbase Wallet different from Coinbase Exchange?

Yes, Coinbase Wallet is a non-custodial wallet that gives users full control over their private keys, while Coinbase Exchange is a trading platform that manages user funds in a custodial manner.

2. Is Coinbase Wallet safe to use?

Yes, Coinbase Wallet has various security features like 2FA, biometric authentication, and integration with hardware wallets. However, because it is non-custodial, users are fully responsible for the security of their private keys.

3. Can Coinbase Wallet be used to store NFTs?

Yes, Coinbase Wallet supports storage and management NFTs on various blockchain networks.

4. Is Coinbase Wallet free?

Yes, creating an account on Coinbase Wallet is free. However, users still have to pay gas fee when making transactions on the blockchain.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

Reference 

Coinbase, What is Coinbase Wallet?, accessed February 18, 2025.

The Block, What is Coinbase Wallet?, accessed February 18, 2025.

Author: Y