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Making web3 exploration more secure with Coinbase Wallet

Tl;dr: Coinbase Wallet is making web3 exploration safer and more secure for everyone through a new suite of industry-leading safety features.

By Ayoola John

Product

, January 30, 2023

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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. As a result, too many web3 users have fallen victim to phishing attacks, malicious airdrops, and other types of scams.

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. Let’s take a closer look at how Coinbase Wallet provides you with increased clarity, better guardrails, and more control as you explore web3.

Coinbase Wallet: Building the Safest & Most Secure Web3 Wallet
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Learn how Coinbase Wallet is focused on making web3 exploration safer and more secure for everyone through a new suite of industry-leading safety features.

Increased clarity

Smart contracts can be complicated, but your transactions shouldn’t be. Coinbase Wallet helps users understand how a third party dapp or smart contract is expected to interact with their assets by providing more clarity during transactions.*

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Transaction previews: To give you more peace of mind as you conduct swaps, mint NFTs, and transact in web3, Coinbase Wallet now shows you an estimate of how your token and NFT balances will change during a transaction before you hit ‘confirm’.

Token approval alerts: We’ve made it clear when a dapp is requesting approval to withdraw your crypto and/or NFTs. Of course, we still recommend that each user does their own research before granting a dapp permission to access their assets.

Enhanced protections

Whether you’re actively exploring web3 or just getting started, Coinbase Wallet’s enhanced layers of protection help safeguard users’ wallets from the moment of creation. 

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Dapp blocklist: Coinbase’s industry-leading security team uses public and private databases to protect you from malicious and suspicious applications. Our blocklist is robust, incorporating tens of thousands of domains and more than one million wallet and smart contract addresses. If you visit a flagged dapp, Coinbase Wallet will warn you before you proceed — helping keep you and your crypto safe.

Spam token management: Bad actors have been known to airdrop tokens into users’ wallets to lure them to a malicious website.To protect our users from potential vulnerabilities, Coinbase Wallet maintains a database of known, malicious addresses and hides airdropped assets. Users can also manually hide and report suspicious tokens that appear in their wallet. 

Greater control

Deciding how to store and manage your assets is a highly personal choice, and Coinbase Wallet gives users the flexibility and control to structure their operational security as they see fit. 

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New layers of permission management: Coinbase Wallet makes it easy to revoke dapp connections directly from within the app, helping you minimize your wallet’s exposure to potential vulnerabilities. In coming weeks, our users will also be able to view and revoke existing token allowances, providing another critical layer of control over their assets. 

Support for multiple addresses: We know that many of our users prefer to keep their assets and web3 identities separate. That’s why Coinbase Wallet now lets you create multiple sets of multichain addresses, with customizable labels and security settings for each.

Expanded compatibility for hardware wallets: Hardware or software wallet? With Coinbase Wallet, you don’t have to choose. We’ve expanded our support for Ledger hardware wallets so that you can enjoy the best of both worlds and access up to fifteen Ethereum addresses through our browser extension. 

Setting the standard for safety in web3

As adoption grows, we’re committed to doing our part in making web3 safe and accessible to all – and powerful safety-focused features like these are just one of the reasons why our users love Coinbase Wallet. 

Interested in getting started with self-custody? Download the Coinbase Wallet mobile app and browser extension today.

Make sure to follow us on Twitter for the latest Coinbase Wallet news and product updates.

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*Token approval alerts and transaction previews are currently supported on the Ethereum and Polygon networks. Transaction previews provide an estimate based on a simulation of the blockchain.  Coinbase makes no representation on the accuracy of any information provided.

Coinbase Wallet is a self-custody wallet providing software services subject to Coinbase Wallet Terms of Service and Privacy Policy. Coinbase Wallet is distinct from Coinbase.com, and private keys for Coinbase Wallet are stored directly by the user and not by Coinbase. Fees may apply. You do not need a Coinbase.com account to use Coinbase Wallet. Trading or holding cryptocurrencies is associated with a significant risk of financial loss.  Please carefully consider whether trading or holding cryptocurrencies is suitable for you given your financial situation. 

Ledger and the Ledger logo are registered trademarks of Ledger SAS. Purchases of Ledger products can be made on Ledger’s website and are subject to Ledger Sales Terms and Conditions and Privacy Policy. When you purchase Ledger products through our links, we may earn an affiliate commission.

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