- Coinbase has rolled out a new suite of industry-leading safety features.
- The improvements are aimed at making web3 exploration safer for users.
- The features were introduced in light of the rising scams and phishing attacks in web3.
American crypto exchange Coinbase has unveiled a series of features for its wallet to make web3 exploration safer for its users. The new features focus on increased transparency, enhanced protection, and greater control, all aimed at providing a secure web3 experience to all users. A recent blog post by the exchange provided further insights into these features.
Coinbase Wallet has introduced two key changes to the transactions on its platform. The first is transaction previews, which allow the user to see how their token and NFT balances will change during swaps, NFT mints, and other transactions. The platform will also display token approval alerts which will show when a decentralized application (dApp) requests permission to withdraw crypto or NFTs.
In the interest of enhanced protection, Coinbase’s security team will flag malicious and suspicious applications when a user tries to visit them. The warning is based on a robust blocklist maintained with private and public databases. Furthermore, the wallet will hide airdropped assets associated with malicious addresses to protect users from being exploited.
In terms of greater control for the users, the developers have altered the interface to add new layers of permission management. This will allow users to revoke dApp connections directly from the app in order to minimize exposure to vulnerabilities. Coinbase Wallet will also let users multiple sets of multichain addresses, in addition to expanding compatibility for hardware wallets.
“As an industry, we need to do more to make web3 interactions simpler and safer – and a self-custody wallet that supports you with the right protections goes a long way in keeping you safe,” says Ayoola John, Product Manager at Coinbase Wallet. The new features were introduced in light of the rising phishing attacks and other scams.