On Thursday (March 14th), Coinbase announced that “Coinbase Wallet”, its user-controlled (i.e., non-custody) wallet app for iOS and Android, will be updated with XRP support.
This is how Coinbase explains the differences between Coinbase.com and Coinbase Wallet:
Coinbase.com aka Coinbase Consumer is a digital currency broker – you use it to buy or sell cryptocurrency in exchange for fiat currency (i.e. USD or your local currency). Coinbase Consumer can also act as a custodian and store your digital currency for you after your purchase. Coinbase Consumer is available in 32 countries.
Wallet is a user managed digital currency wallet and DApp browser. This means that with Wallet, the private keys (which represent ownership of the cryptocurrency) are stored directly on your device and not with a central exchange such as Coinbase Consumer. You don’t need a Coinbase consumer account to use Wallet, and you can download Wallet from anywhere in the world. “
And here are some reasons why you might want to use Coinbase Wallet:
“Coinbase Wallet is a software product that gives you access to a wide range of decentralized innovations – buy and save ERC-20 tokens, participate in airdrops and ICOs, collect rare digital art and other collectibles, browse decentralized apps (DApps) and participate in shopping stores that accept cryptocurrency and send crypto to everyone around the world. “
Coinbase Wallet is a mobile app that originally only supported Ethereum (ETH) and Ethereum tokens (ERC20 and ERC721). On November 26, 2018, support for Ethereum Classic (ETC) was added. Bitcoin (BTC) support was announced on February 5th. About two weeks later, Coinbase added support for Bitcoin Cash (BCH). Starting February 22nd, support for storing, sending and receiving Litecoin (LTC) was introduced.
On February 25th, the moment that fans of the world’s third most important currency had long been waiting for came with the announcement of Coinbase to start XRP trading on Coinbase Pro, its platform for professional / experienced investors. Coinbase’s blog post states that support for XRP will “initially be available to Coinbase Pro users in the US (excluding NY), UK, supported European Union member states, Canada, Singapore and Australia, and possibly more jurisdictions will be added in the future date. “Just three days later, XRP support for the Coinbase platform for regular retail investors, Coinbase Consumer (Coinbase.com) and Coinbase’s mobile app (which is available for both iOS and Android) became available is) added.
However, there was one more place that Coinbase needed to add XRP support: Coinbase Wallet. And yesterday’s blog post by Soinhase Coelho-Prabhu, Coinbase Wallet Product Manager, delivered this good news. With the latest version of Coinbase Wallet being rolled out “next week for all users on iOS and Android,” users can save XRP directly to the Coinbase Wallet app. Here Siddharth explains how the XRP wallet is activated in the Coinbase Wallet app:
“To find your DOGE wallet, all you have to do is tap ‘Receive’ on the ‘Main Wallet’ tab and select DOGE.”
Another thing worth mentioning is that Coinbase Wallet “also supports the XRP test network to help developers and power users” (you can switch between test network and main network from the Advanced Settings section on the Settings tab).