Coinbase announced on Wednesday that Toshi has now become Coinbase Wallet. It made this announcement in a blog post on August 15.
More than just a name change
According to Coinbase, Coinbase Wallet is more than just a name change. It is part of the company’s effort to invest in products that will help define the decentralized web and make it accessible to everyone.
Coinbase is of the belief that the future will be built on a decentralized internet. Everyone in the near future will own a cryptocurrency wallet which would enable them to access dApps. It added that the wallet will be their pass to the open financial system.
Toshi is a product that was developed over a year ago. At the time of launching it, it had the world’s first mobile dApp browser. It, later on, became the first wallet to launch crypto collectibles.
Toshi is now looking to make managing crypto and accessing the decentralized web very easy for everyone. Coinbase is seeking to become the most trusted crypto brand, thus the reason why they seek to provide best-in-class secure storage.
Functions of the Coinbase Wallet
Coinbase Wallet has several functions, and they include:
- Manage ETH and all ERC-20 tokens, with support for BTC, BCH, and LTC to be added soon.
- Receiving airdrops and ICO tokens.
- Buy and store crypto collectibles
- 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.
Coinbase Wallet has now positioned itself as the preferred platform crypto entrepreneurs building mobile Dapps. They can be accessed via a crypto wallet or browser
The services offered in Toshi will still be retained in Coinbase Wallet but with a brand new look on the platform.
Coinbase looking to lead the crypto space
The cryptocurrency exchange recently acquired Distributed Systems, a San Francisco-based digital identity startup. This is the latest in its line of acquisitions as the company looks to become a major player in the cryptocurrency world.
The acquisition of Distributed Systems means that Coinbase is now working on decentralized identity solutions.
The firm is also working on acquiring some firms that will aid them in offering security tokens in the future under federal oversight.
The exchange is set to list Ethereum Classic (ETC) today and the company is working on ways to list other cryptocurrencies termed as securities.