The name change comes as part of Coinbase’s larger intention to create products that will enable access to what they feel is the future of the web: the decentralized web (blockchain).
Toshi is now @CoinbaseWallet! This is not just a new name, but part of a larger effort to invest in products that will define the future of the decentralized web and make that future accessible to anyone. https://t.co/dIn5CRE6eZ pic.twitter.com/bmdQmpe6Gs
— Coinbase (@coinbase) August 15, 2018
Coinbase is one of the biggest players in crypto. It’s the largest crypto exchange in the US and one of the largest worldwide. In 2017 they earned over $1 billion in revenue and they’ve been piling a bunch of that cash into developing products that will fuel the future of the internet.
They want this wallet to be the key to the next generation of the internet by giving users access to decentralized apps (dApps), making the wallet their “gateway to the open financial system.”
The original Toshi wallet was developed just over a year ago by Coinbase, being the first mobile dApp browser and the first wallet to launch crypto collectibles. In its first year the wallet has grown into a popular platform for mobile dApps that need access to a crypto wallet or browser.
Coinbase Wallet builds on Toshi’s success, promising to be more than just a crypto wallet but “your home-base for exploring the decentralized web and its possibilities”.
Coinbase Wallet Features
Access to third-party dApps – access dApps that will allow you to lend/take out a loan on the blockchain, earn money through microtasks, etc.
Secure storage – private keys are kept secure through your device’s biometric technology and Secure Enclave
Altcoin/token storage – ability to store Ethereum and ERC-20 tokens, ICO tokens and receive airdrops; soon to be able to store other coins such as Bitcoin, Litecoin and Bitcoin Cash
Cryptocurrency storage and management – ability to store and send crypto to anyone, anywhere
For users currently using the Toshi app nothing needs to be done, the app will upgrade to Coinbase Wallet automatically.