Coinbase tightens security for its Web3 crypto wallet

The largest US bitcoin exchange Coinbase said it had improved the security and user interface of its cryptocurrency wallet.

In today’s landscape, web3 exploration can feel intimidating & often lacks transparency. As an industry, we need to do more to make the process simpler & safer for users.

Using a self-custody wallet with the right protections can go a long way👇https://t.co/QOJfhyNVYY

— Coinbase Wallet (@CoinbaseWallet) January 30, 2023

Product manager Aiola John spoke about the new features of the wallet app for non-custodial storage of digital assets.

The company added a transaction-preview feature to the wallet. Users can assess how their balance in cryptocurrency or NFT would change as a result of interacting with the proposed smart contract. Based on the data, they can approve or deny access to the assets.

The app introduced a protection feature against malicious airdrops. Coinbase Wallet has a built-in list of addresses whose proposals are automatically rejected. Users can block manually and report suspicious activity to the team.

The wallet also adds a feature to create a set of multi-chain addresses, through which users can distribute tokens or Web3-identifiers. Each set has its own security settings.

Developers implemented support for Ledger hardware wallets in the app. As a result, the browser extension gained the ability to add up to 15 different Ethereum addresses via the device.

Back in November 2022, staking on the Ankr platform became available to Coinbase Wallet users.