- Coinbse Wallet has introduced transaction previews and token approval alerts to help users protect against fraud.
- The wallet has also enhanced token approval alerts and added compatibility with Ledger hardware wallets.
- The goal is to protect Web3 users from NFT scams and allow users to protect their crypto assets.
Coinbase Wallet, a non-custodial standalone wallet offered by leading cryptocurrency exchange Coinbase, has announced a series of new security features aimed at making Web3 even safer for its users.
wallet on monday announced A suite of security features gives users clearer and better guardrails as they explore the exciting new world of Web3.
Coinbase Wallet Introduces Trade Preview
One of Coinbase Wallet’s goals is to provide greater clarity to users regarding the use of dApps and smart contracts. The wallet currently supports previewing transactions. It works by displaying an estimate of the wallet balance before the user “confirms” the transaction.
This happens every time a customer processes a swap, creates an NFT, or trades on Web3 in general, Wallet writes.
There are also token approval alerts, the ability to revoke connections to dApps directly from within the wallet app, and multi-chain addresses. The multiple addresses feature allows users to easily separate assets and NFTs, and each address can be customized for labels and different security settings.
Apart from that, Coinbase Wallet now supports expanded compatibility of hardware wallets. Specifically, Coinbase will now offer compatibility with Ledger hardware wallets (such as the Nano S), bringing more security to users.
The move comes just days after Moonbirds founder Kevin Rose lost $1.1 million worth of NFTs to a phishing scam. As we reported last week, his Twitter account for NFT collection Azuki was also compromised, exposing multiple wallets after hackers tricked users into clicking on malicious links.
Although 2023 has not recorded any major losses from security breaches so far, NFT fraud and cryptocurrency hacking remain one of the major problems in the cryptocurrency industry. It is very important for the user to protect against these as she explores Web3.