According to a Coinbase blog post, users of the Coinbase Wallet can now store their Litecoin (LTC) token directly in the Coinbase Wallet app. As per the announcement, the platform’s main goal is “to create the world’s leading user-custodied crypto wallet.’’
Currently, the wallet supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and several other tokens including ERC20 tokens and ERC21 collectibles built on the Ethereum protocol. The new Wallet update with Litecoin support will be available for users on both iOS and Android a few weeks to come.
Since the support is activated by default, users only need to click on ‘Receive’ on the main wallet tab and select ‘Litecoin’ in order to send LTC tokens to their Coinbase wallet.
The Coinbase Wallet
The Coinbase Wallet was introduced in August last year so as to rebrand Coinbase’s open source Decentralized App (DApp) browser. The wallet has a quite easy-to-use user interface and is also very secure. All users’ keys are protected with Secure Enclave, which happens to be the safest way to protect private data on mobile devices, and biometric authentication technology.
As per the blog post;
“The Wallet also supports the Litecoin Testnet to aid developers and power users. You can switch to the testnet from the Advanced Settings section of the Settings tab.”
Litecoin is a peer-to-peer, decentralized crypto coin that has established itself quite well in the crypto ecosystem. It was launched in 2011 as a fork for Bitcoin and despite the fact that it shares most of Bitcoin’s characteristics; it strives to be lighter and faster than Bitcoin. LTC exhibits a shorter block generation times of approximately 2.5 minutes, allowing for faster transactions as well as very low transaction fees.
Litecoin is among the few other cryptocurrencies that have shown bullish sings in the industry this year. Litecoin has risen up with approximately 23.13%, outperforming both Ethereum and Bitcoin. This is a positive sign that the coin is slowly gaining popularity.
On the 19th of August this year, Litecoin will be halving. This halving will reduce the block reward from 25LTC to 12.5 LTC.