The self-custody Coinbase wallet introduces a new set of industry-leading safety features citing the rise in phishing attacks, malicious airdrops, and other scams.
Before a user clicks the “confirm” button on a transaction, Coinbase Wallet will provide a transaction preview that provides an estimate of how the user’s token and NFT balances will change as a result of the transaction.
According to Coinbase, the purpose of the Token approval alerts is to provide the user with specific information on whether or not a decentralized application (dApp) is trying to steal their NFTs or cryptocurrencies.
Engaging with any “flagged” dApp will also alert wallet users before entering potentially problematic contracts, hopefully preventing them from losing their cryptocurrency in unfavorable circumstances such as phishing scams and wallet drainers. Flagged decentralized applications (dApps) are decentralized applications that have been identified as posing a security risk.
Coinbase Wallet will also provide users with the ability to establish numerous sets of multichain addresses, each of which will have its own set of customisable labels and safety settings.
Coinbase Wallet may assist you in lowering the potential risks that are associated with your wallet by making it easier for you to cut off connections to decentralized applications (dApps) directly from inside the application.
Coinbase Wallet customers will soon have access to additional features, including the ability to review and revoke previously granted token authorizations.
Coinbase Wallet protects its customers from possible dangers by hiding airdropped funds and maintaining a database of addresses that might be used to send malicious transactions. Users have the ability to manually hide and report suspicious tokens that appear in their wallet at any time.
Because Coinbase Wallet now supports Ledger hardware wallets, users may now access up to fifteen Ethereum addresses using the browser extension. This is because to the enhanced support that Coinbase Wallet has provided for Ledger.
Ayoola John, the product manager at Coinbase, was recently quoted as saying, “At Coinbase, we believe in a future in which blockchains allow new kinds of digital ownership and methods to engage and trade with others.” These contacts, which are more common in today’s digital world, may be daunting and lack clarity.
Compiled by Coinbold