Coinbase is a digital currency exchange headquartered in San Francisco, California. They offer two distinct services: a brokerage service for buying and selling cryptocurrencies, and a wallet service for storing them.
Coinbase has been incredibly successful since its launch in 2012, growing to serve over 13 million customers and handling over $150 billion in transactions. But as its user base has grown, so have the questions about its privacy and security. In particular, people want to know: is Coinbase Wallet private?
The short answer is yes, Coinbase Wallet is private. The longer answer is that it depends on how you use it.
If you use Coinbase Wallet to store your own cryptocurrencies, then only you have access to them. Your transactions are stored on the blockchain, which is public, but your identity is not attached to them.
However, if you use Coinbase Wallet to store cryptocurrencies that you have purchased through Coinbase’s brokerage service, then your identity is attached to those transactions. In this case, Coinbase has access to your transaction history and could potentially share it with third parties, such as law enforcement or tax authorities.
So, if privacy is important to you, then you should only use Coinbase Wallet to store cryptocurrencies that you have purchased elsewhere. This way, your identity is not attached to them and only you have access to them.