Coinbase Wallet is a self-custody type of cryptocurrency wallet, it gives you complete control over your crypto. It allows its users to securely store, manage, and access their digital assets. With this wallet, users have full control over their private keys (that represent ownership of the cryptocurrency). The wallet also supports dApps so you can use this wallet to connect to a growing number of dApps (decentralized apps).

Currencies supported by Coinbase Wallet:

It supports a number of cryptocurrencies including:

  • Bitcoin
  • Litecoin
  • Dogecoin 
  • Uniswap 
  • Ethereum 
  • Polygon
  • Solana
  • Stellar Lumens and many more.

It also supports all the ERC-20 tokens, which are built on the ETH blockchain.

How to set up the Coinbase Wallet on your Smart Phone?

Follow these simple steps to set up it on your Smart Phone:

  1. First, download the Coinbase wallet application from the app store on your smartphone.
  2. Open the app and tap on “Create a new wallet”.
  3. Now, you have to follow the given instructions and have to create a new wallet for yourself with a strong password. 
  4. Enter the 12-word security recovery phrase (SRP). It can be useful for you to recover your wallet in case you lose access to your device.
  5. Once you have entered SRP, you have to verify your email ID which will enable the restore and backup functionality for your wallet.
  6. For security, you can enable your biometrics authentication like Touch ID, Face ID (optional) 
  7. Now after following these above steps you can add funds to your wallet by transferring cryptocurrencies from an exchange or another wallet.
  8. After funding your wallet you can send and receive transactions by entering the recipient’s address and the amount you wish to send or receive.
  9. Back up your wallet Security seed phrase and keep it in the safest place. 

(It’s important to note that the setting up of your wallet interface may slightly differ, it depends on which device or OS you are working with.)

 Receiving funds in your wallet

To receive supported crypto in your wallet of the Coinbase app follow these simple steps:

  1. Open the Coinbase application on your phone. 
  2. Now, tap on “Receive”. 
  3. Select the asset which you’d like to receive in your wallet.
  4. Tap on “Share Address” to share the QR code with sender, or you can also share your username instead.

Sending funds from your wallet 

For sending funds to someone, we suggest you to ask for the unique QR code from your receiver to safeguard against sending funds to an incorrect address.

  1. Open the Coinbase application on your phone. 
  2. Now, tap “Send”. 
  3. Enter the amount and select asset you want to send. 
  4. Tap on QR code or enter the recipient’s address

Bottom line

Coinbase Wallet is a safe and easy-to-use application for managing your cryptocurrencies. With its advanced security features, it is a good choice for receiving, sending, and storing your digital assets.