Coinbase Wallet is one of the more popular self-custody wallets, by the leading exchange. Here’s a complete guide on how to set it up and use it.
Created by the leading US-based cryptocurrency exchange, Coinbase Wallet is quickly becoming a preferred self-custody wallet among users.
It offers a very familiar user experience to existing solutions, which makes the overall transition seamless for those who’ve already worked with a self-custody wallet. Moreover, it carries the reputation and confidence instilled by the Coinbase brand.
Coinbase Wallet was launched in 2018 and has managed to become one of the best self-custody solutions currently available in the market.
Some of its features include but are not limited to:
- Fully-developed mobile application
- Support for major non-EVM compatible cryptocurrencies (Bitcoin, Dogecoin, Ripple, etc)
- Option to transfer assets from the Coinbase CEX quickly and easily
- Fiat on-ramp in all 86 countries where Coinbase wallet operates
In this guide, we will take a closer look at how to set up Coinbase Wallet as a browser extension and on your smartphone.
Coinbase Wallet as a Browser Extension https://www.coinbase.com/wallet
For those of you who prefer interacting with the vast world of Web3 via PC, installing the Coinbase Wallet as a browser extension is the most logical choice.
To do so, you should install the Coinbase Wallet extension from the Chrome Web Store. Be particularly careful and always triple-check the links you’re downloading the extension from.
The only official Chrome Web Store link for the Coinbase Wallet extension can be found here.
Once on the landing page, simply click on the “Add to Chrome” button and confirm the installation.
From here, you have two options:
- Create a new wallet
- Import an existing wallet
How to Create a New Wallet?
Let’s first see how to create a new coinbase wallet. As soon as you hit the blue button, you will be prompted to create a username. This is how other users can find you and send you cryptocurrency.
Please keep in mind that you won’t be able to change your username after this!
Once you’re happy with your choice, hit submit. Now, you will be given a 12-words seed phrase. Make sure to write these down in the exact order they appear, double-check every letter, and store them safely. Losing this seed phrase means that you will no longer have access to your cryptocurrencies, and there is nothing Coinbase or anyone can do to restore it.
As soon as you have that done, you are ready to continue. The next step is an additional security layer added by Coinbase Wallet to make sure that you wrote the seed phrase down correctly.
You will see a bunch of scrambled words, and you will have to click on the first and the last word from your seed phrase.
After that, you will need to enter a strong and secure password. It’s recommended that you use lower and upper-case letters, numbers, and special characters for additional protection. Once everything is all set, this is what the extension looks like: