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.
Coinbase Wallet will offer transaction previews of an estimate of how users’ token and NFT balances will change during a transaction before they hit ‘confirm.’
According to Coinbase, Token approval alerts are intended to precisely inform the user whether a dApp is attempting to take their NFTs or cryptocurrency.
Engaging with any “flagged” dApp will also alert wallet users before entering potentially problematic contracts, hopefully preventing them from losing their cryptocurrency in undesirable circumstances like phishing scams and wallet drainers.
Coinbase Wallet will also let users create multiple sets of multichain addresses, with customizable labels and security settings for each.
By making it simple to terminate dApp connections right from the app, Coinbase Wallet helps you reduce the risk that your wallet may be exposed to.
In the coming weeks, Coinbase Wallet users will also have access to examine and cancel existing token authorizations.
Coinbase Wallet contains a database of harmful addresses and conceals airdropped assets to shield users from potential risks. Users have the option of manually hiding and reporting any suspect tokens that show up in their wallet.
Users may now access up to fifteen Ethereum addresses using the browser extension thanks to Coinbase Wallet’s extended support for Ledger hardware wallets.
Coinbase Product Manager Ayoola John stated “At Coinbase, we believe in a future where blockchains enable new forms of digital ownership and ways to interact and transact with others. In today’s digital landscape, these interactions are often intimidating and lack transparency.”
