JAKARTA Coinbase, a leading US-based cryptocurrency exchange company, recently announced a number of new features for its Wallet. One of them is improving security in the crypto wallet, Coinbase Wallet.
This update is aimed at improving transparency and security for Wallet users by adding transaction previews, token approval warnings, tagged dApps blocking lists, and spam token management features that suddenly appear in wallets. This feature allows users to hide spam tokens.
Coinbase Product Manager, Ayoola John, said the new features were implemented to address crypto transaction problems that often "intimidate and are less transparent," resulting in users becoming victims of "phishing attacks, dangerous airdrops, and other types of scams."
With the implementation of this new feature, Coinbase hopes to make the web3 exploration process simpler and safer for users. Currently Coinbase is focused on improving security in its digital wallet app. This is also one of Coinbase's ways to increase user confidence.
Launching Decrypt, the transaction preview will allow Wallet users to better understand how engaging with smart contracts will change their Wallet balance before they sign, Coinbase explains, while token approval warnings aim to clearly notify users if dApp tries to take their NFT or crypto.
Interacting with "demarked" dApps will also warn Wallet users before they engage with potentially risky contracts - hopefully leading to fewer users losing their cryptocurrencies in unwanted situations such as phishing scams and wallet depletion.
In today's landscape, web3 exploration can be felt intimidating & often lack transparency. As an industry, we need to do more to make the process simpler & safer for users. Using a self-contained wallet with proper protection can be very helpful, "wrote the announcement of Coinbase Wallet (@CoinbaseWallet) January 30, 2023.
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