Coinbase Adds Bitcoin Cash (BCH) to Official Wallet
Storing BCH with Coinbase is now possible through the wallet app.
Coinbase Wallet has started to roll out support for Bitcoin Cash (BCH) in its mobile wallet app, expecting all devices and operating systems to offer it within a few weeks, the company announced on its official blog. Until now, BCH only had trading support on Coinbase.
“Wallet also supports the Bitcoin Cash Testnet to aid developers and power users. You can switch to the testnet from the Advanced Settings section of the Settings tab. We also plan to add support for the JSON Payment Protocol in the future,” the exchange said.
The app will support both CashAddr and legacy addresses. The Coinbase mobile wallet encrypts the private keys on the mobile device, meaning the user of the wallet fully controls the funds. At the same time, Coinbase.com remains a custodial wallet where the company holds the funds on behalf of the user. However, this is seen as the riskier option since funds may be lost.
Bitcoin Cash is the version that has proven its stability after the November 15 hard fork. For now, Coinbase has not done anything to integrate Bitcoin SV (BSV), the alternative network that chose another path of development. Coinbase only allows withdrawals to the BSV wallets that exist and has not given signs it would add the asset for trading, custody, or as an option in the mobile wallet.
BCH market prices are yet to make a full recovery after the ticker reassignment, which caused a crash from around $400 to under $100. The asset traded at $145.21 as of 9:00 UTC on Wednesday on volumes of about $481 million in 24 hours. Based on Cryptocompare data, BCH is highly dependent on LBank activity as trading on other exchanges has dwindled.
About 29% of BCH volumes are supported by Tether (USDT). Lately, Ethereum (ETH) pairs have reached a 21% share, and the rise in ETH prices has additionally boosted BCH valuations.