Coinbase Wallet Overview

Coinbase is a prominent name in the cryptocurrency industry, widely recognized for its exchange services. Alongside its exchange platform, Coinbase also provides a web-based wallet service. However, it's important to note that when you use Coinbase's wallet service, you are essentially entrusting them with custody of your cryptocurrency. This means that Coinbase manages your private keys, reducing a level of control that you have. Additionally, Coinbase offers a vault service where users retain control over their private keys.

Supported Digital Assets

Coinbase's wallet service accommodates a wide range of digital assets, including ERC-20 tokens and ERC-721 tokens. ERC-20 tokens are commonly used in Initial Coin Offerings (ICOs), while ERC-721 tokens are typically associated with digital collectibles in decentralized applications (DApps) like CryptoKitties. Using Coinbase's web wallet eliminates the complexity of dealing with cryptocurrency addresses. You can easily send funds to friends who use the Coinbase wallet without having to grapple with the intricacies of addresses. Furthermore, transactions can occur off the blockchain between Coinbase wallets, presenting both advantages and potential security concerns.

User-Friendly Interface

Coinbase's web wallet is renowned for its user-friendliness, as Coinbase strives to offer some of the most accessible services in the cryptocurrency industry. The wallet supports multi-signature functionality, enhancing security. Users also have the option to implement two-factor authentication, providing additional layers of protection.