Coinbase announced that it has added support of Stellar Lumens (XLM) on the Coinbase Wallet. Coinbase wallet is a ‘user-custodied’ cryptocurrency wallet.
Until now the Coinbase Wallet supported the following cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), XRP and over 10,000 ERC20 and ERC71 tokens on Etherueum. The private keys of the activated cryptocurrencies on the CoinBase Wallet are encrypted on the phone itself using the ‘Secure Enclave Technolgy.’ This guarantees user based custody.
Moreover, the Coinbase Wallet App is different from the Coinbase App. While the later is an exchange, the former is only a Wallet. Coinbase App or coinbase.com also provides for a wallet. However, the private keys of these wallets are retained with the Exchange itself.
The new Mobile Wallet Update will be released next week for all the Andriod and iOS users. The minimum balance required to activate the Stellar Lumens (XLM) wallet is 1 XLM.
The Coinbase Wallet will also support the Stellar Testnet to aid ‘developers and power users.’ The stellar testnet can be used to access and develop the tokens of the Stellar Platform.
Coinbase recently partnered with Stellar Lumens to increase the education of cryptocurrency in the world. Together they offer incentives to individuals who seek to learn about the Steller Network.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com