According to the San Francisco-based cryptocurrency exchange and an official blog post on Tuesday, users can now link their accounts once the app gets updated in “the next few days.”
According to the exchange and the post that was published on its blog:
“Once your Coinbase account is linked, you can easily transfer crypto to your Wallet app with just a couple of clicks, anytime you need it.”
Coinbase also explained that with the Coinbase.com account, users can now buy cryptocurrencies and their keys will be stored centrally within the exchange. However, with the Wallet app, the Coinbase users can safeguard their own private keys.
The new feature, as Coinbase noted, is optional. After the app’s update gets released, users will receive an in-app notification to “Connect to Coinbase” and link the accounts if they choose so. The account linking can also be turned on or off at a later date directly from the Settings menu, Coinbase noted. With this feature, users will find it more convenient to regularly transfer funds from their Coinbase.com account to a software or hardware wallet.
In the meantime, Coinbase is working on a future update that will let cryptocurrencies to be directly sent to users from the Coinbase.com accounts within the app.
The exchange has added a series of new features to the Wallet app lately. In February 2019, we saw new support for Bitcoin (BTC), Bitcoin Cash (BCH) as well as Litecoin (LTC) on both iOS and Android platforms. In the same month, Coinbase announced that its Wallet users would be able to back up their private keys on the personal cloud storage platforms Google Drive and Apple iCloud.
With this, Coinbase again confirmed that it is a big player in the crypto industry and an exchange which constantly rolls out new updates to help its users move, invest and store their cryptocurrency holdings.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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