Coinbase Gets an Official iOS App

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Coinbase Gets an Official iOS App

In an announcement Coinbase, the Andreessen Horowitz-backed Bitcoin wallet, says that it now has an official iOS app. The blog post from the company says, “acquired and taken over development” of the app developer Andrew Vilcsak has been working on using Coinbase’s open source code, making it its first official app on iOS.”

Coinbase has had an Android wallet since March 2013. Though the announcement has come, the company didn’t share much about the app or the terms of the deal, except that it will be releasing an updated version of the app, the current version of the app can already be downloaded from the Apple App Store as the company’s app.

In the announcement the company says, “Today we are excited to announce that we have acquired and taken over development of Andrew Vilcsak” iOS app for Coinbase. Going forward it will be the official Coinbase iOS app. Andrew did a great job with the app, using our open source code base as a starting point and we would like to thank him for his efforts.

The company says that it will be releasing an updated version of the app soon, but the current version is already quite good. Users can download and install the app, or search Coinbase on their iPhone. Interestingly, Apple only recently allowed such wallets in its App Store, announcing in June that “approved virtual currency” apps were now accepted.

The App Will Have Competition from Blockchain and Circle

Though the announcement is promising for the company, its app already has competition from others such as Blockchain and Circle. The effort to get the new app was part of the strategy of the company for which it was rumored to raise between $40 million and $60 million in new funding. The company raised $25 million in December 2013.

The San Francisco based company was founded in June of 2012 and since then it has moved up gaining a huge support base from its customers for its Bitcoin wallet and platform where merchants and consumers can transact with the new digital currency Bitcoin.

Bitcoin, the world’s most widely used alternative currency with a total market cap of approximately $5.3 billion, gives a lot of scope for the company to operate and provide high-end effective services. Not just Bitcoin wallet, the company also brought in the USD wallet for customers to help them store their dollars alongside the digital currency.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com