Coinbase announces Ethereum Classic (ETC) trading will begin August 16th at 5pm PT. Coinbase also announces Coinbase Wallet which helps to bring adoption of cryptocurrencies and the use of decentralized applications (dapps).
Coinbase has announced that Ethereum Classic (ETC) trading on all platforms will begin on August 16th at 5pm PT. ETC will be available to all consumers where Coinbase is available. In the hours leading up to this news, the price of ETC rose from about $10.80 to over $12.
In addition Coinbase announced Coinbase Wallet (previously known as Toshi). This wallet will allow users to store all ERC-20 tokens, to receive airdrops, receive ICO tokens, and even will allow you to store digital collectibles (ERC721) like Cryptokitties. The new wallet will add Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC) in the near future.
The platform Toshi, think of it as the Google Play Store or Apple App Store. You can download decentralized exchanges (0X, AirSwap, etc…), play games (Cryptokitties, Ethermon, etc…), use social media platforms built on ETH (Numa, Peepeth, etc…, and even apply for jobs using Ethlance or Gitcoin. In a tweet earlier today Coinbase announced it believes the future applications will be built on the decentralized internet and everyone will have an easy accessible cryptocurrency wallet to access these decentralized applications (dapps). This will open the financial system to people all over the world, to whoever has a smartphone and access to the internet, not just those who have been “verified” by large institutions.
The most important feature (in my opinion) of the app is the the new send/receive feature. It is not very realistic to tell your parents/grandparents to send/receive any type of cryptocurrency. Why? Because it is too complicated for most people to. One of the hindrances of cryptocurrency is the user interface and the barrier of entry. It is much more likely friends and family use applications like Venmo, PayPal, or CashApp because they are simpler to use. Just put in a username or telephone number and send USD to them.
Coinbase Wallet takes cryptocurrencies to that level. Now instead of having to use public addresses, users can send/receive cryptocurrencies by typing in the other persons Coinbase Wallet username in the chat function and either choosing to send or request funds. They even added user protection of funds via fingerprint/pin lock on the application. This is a huge step for the space as simplicity is key, think of the internet in the 90’s and how complicated it was to use compared to now. This brings us all much closer to mainstream adoption.