Toshi, the Ethereum wallet was developed by the Coinbase team a little over a year ago, has now been rebranded as the Coinbase Wallet. This strategic rebranding is not just a new name, but part of a larger effort to invest in products that will define the future of the decentralized web and make that future accessible to anyone.
What is Toshi wallet and why it is important for Coinbase
Toshi was built on Coinbase’s vision and belief that the applications of the future will be built on a decentralized internet (the blockchain). This vision also included the premise that everyone will own a crypto wallet that allows them to access decentralized applications (dapps) and that wallet will be their gateway to the open financial system. This vision is one of the reasons why Coinbase is strategically repositioning Toshi as Coinbase wallet.
Toshi is now Coinbase Wallet! 🎉 https://t.co/GEi9roFmlL
— Coinbase Wallet (@CoinbaseWallet) August 15, 2018
When the product launched in 2017, it featured as the world’s first mobile dapp browser. Later it was converted as the first wallet to launch crypto collectibles. The goal with which the wallet was created was to make managing crypto and accessing the decentralized web as easy as downloading an app on your mobile phone. As part of the effort, Toshi wallet was to be the most trusted brand in the space ad was also set out to provide best-in-class secure storage. With Coinbase Wallet, the user’s private keys would be secured by using the device’s Secure Enclave and biometric authentication technology.
Coinbase wallet has capabilities beyond storage
Coinbase has built some superior qualities in the wallet, much more than any other wallet, which makes it a home-base for exploring the decentralized web and its possibilities.
With this new Coinbase wallet, the user can now
- 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.
For users who are already using Toshi, their wallets will automatically upgrade to Coinbase Wallet and users will be able to experience the new product shortly.
As Coinbase is adding the newer product to its offerings it is defiantly creating a more trustworthy environment for crypto enthusiasts. It is clearly working on its roadmap which is to build easy to use, trusted products that move the world closer to an open financial system.
Will Coinbase be able to deliver on its mission to change the way the financial system works? DO let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.