October 23, 2013
Through one of its blog posts and select media channels, Coinbase announced that they have launched an iOS app yesterday. We checked and found the updated app on the appstore. This announcement means that users of this app can buy, sell and send Bitcoins from their iPhones. I think being available on the mobile, in an easy app with buy/sell option fulfills the promise of a true digital currency.
The previous version of the Coinbase app lacked the buying and selling option. Previous versions were released earlier this year. The old versions of the app didn't click so much, mostly due to Apple’s restriction on using the app to trade Bitcoins. So now do we have Apple's approval to Bitcoins?
The latest announcement comes as a follow up to the Coinbase’s previous announcement on August, 2013 which was to introduce SMS based buying and selling. You can take a look at the screenshots of the Coinbase iOS app released by Coinbase.
Coinbase is a platform which allows trading of Bitcoins. Any user could create a wallet, link his/her bank details and start using Coinbase to trade Bitcoins. Coinbase was found in June, 2012 by Brian Armstrong (CEO) and Fred Ehrsam with Mark Peter Davis as an investor. Since its inception the company has raised $6.71 Mn in funding.
There are other apps on iOS platform which allow trading of Bitcoins. The most prominent one being Bitcoin by MtGox Mobile. One of the concern areas of this app is the low user ratings. This can be one of the areas where the latest version of the Coinbase iOS app could score over its competition.
LTP View: Coinbase‘s announcement of launching an iOS app can be a well timed one. Considering that the popularity of Bitcoin is at a high and so is the value (i.e. 1 BC = $193.74). Some of the reasons behind the surge in popularity of Bitcoins being Fred Wilson investing in them, Marc Andreessen thinks Bitcoin is as big as internet, Reddit accepting Bitcoins, Baidu’s latest move to accept Bitcoins, etc.