Will Coinbase’s New Feature Help Regain Users’ Trust?
Coinbase, the highly popular US-based crypto exchange marketed towards mainstream crypto users, has launched an exciting new feature to the Coinbase Wallet app for Android and iOS smart devices.
Announced on March 12 via the Coinbase blog, users will now be able to directly transfer cryptocurrency holdings from their Coinbase.com accounts to the official Coinbase Wallet app.
As stated by the exchange:
“Once your Coinbase account is linked, you can easily transfer crypto to your Wallet app with just a couple of clicks, anytime you need it.”
Will Coinbase Regain Users’ Trust?
As previously reported by IIB, Coinbase alienated a number of users and cryptocurrency influencers due to their controversial Neutrino acquisition and the admittance from Coinbase that users’ data had already been sold to outside sources.
However, with Coinbase’s new wallet feature, users have more control over their funds and can better store them in the official Coinbase Wallet app that allows users to safeguard their own private keys.
This is a much safer and all-around better solution for concerned Coinbase users, as funds stored on the exchange are in Coinbase’s control because they maintain control of the private keys. On Coinbase’s official mobile wallet, users are the sole owners of their cryptos private keys.
Therefore, users can buy various cryptocurrencies via the exchange and quickly transfer them to a safe and secure wallet where they retain control of their private keys.
Coinbase Wallet Account Linking Feature
Users who do not wish to connect their Coinbase mobile wallets to their Coinbase account do not have to if they don’t want. And if users do choose to link their accounts, the function can always be turned off at a later date from within the settings menu.
Therefore, this new feature will be very convenient for those who regularly transfer funds from their Coinbase.com account to a software or hardware wallet.
Moreover, in a future update, Coinbase plans to add the ability to directly send cryptocurrencies from the app to users’ Coinbase accounts.
All in all, the addition of this new feature proves that Coinbase is trying their best to continuously innovate and improve their products to appease their customer base.
Does this new wallet feature restore your trust in Coinbase? Did you ever lose trust in Coinbase in the first place? Let us know in the comment section below.