The company claims that changing the name is more than just a rebranding exercise, suggesting that the wallet will evolve over time to offer more functionality than existing cryptographic wallets and serve as a “gateway” for a decentralized network and an “open financial system”, as well as “creating an effort to invest in products” that will shape the future of a decentralized network.
Siddharth Coelho-Prabhu, product manager for Toshi, commenting on the development, said that the application will soon be “improved to Coinbase Wallet,” and users will be able to see “the same great product” with improved appearance.
Coinbase Wallet will offer some modernization, which is expected to become a platform for “exploring the decentralized network” and the opportunities it offers.
In addition to managing the Ethereum and ERC-20 tokens, which was possible in Toshi, the new wallet will also support Bitcoin, Bitcoin Cash and Litecoin. Users can also receive ICO tokens, airdrops, store crypto collections and access the leading decentralized exchanges from the wallet.
For security reasons, Coinbase says that the new wallet will be equipped with a “best-in-class secure storage” that protects private keys using the “Secure Enclave system and biometric authentication technology.”
The company plans to make the new Coinbase Wallet comprehensive so that users can “explore the entire universe of third-party decentralized applications.”
The company also believes that the wallet can accelerate the adoption of crypto and decentralized applications around the world. Toshi was launched last year, inspired by mobile applications, such as WeChat, which manages a large volume of digital payments in China.
Built to look like a web browser that runs on the phone, Toshi provides access to an open financial network. The application has a built-in reputation system that simplifies the evaluation of other users and applications hosted on the software.
At that time, the company stated that the application was built to provide “access to financial services” to the vast majority of the world’s population. Recall, more recently, Coinbase announced the acceptance of payments in pounds sterling (GBP). Clients from the UK will be able to access deposits in pounds sterling, as well as the withdrawal of funds, which opens up wider access to the British users for trading on the exchange.