Coinbase launches integrated onchain monitoring through a new wallet app

Coinbase is releasing a new version of its crypto wallet that allows users to access their portfolios from multiple platforms in one place.

The company said in a statement on July 11 that the new wallet will be available online on desktop and mobile devices. Users can connect any custodial wallet supported by Wallet Connect, including MetaMask and Phantom wallets, to get an overview of assets across apps. Users do not need to have a Coinbase wallet to use the service.

According to Coinbase, the solution is to address the needs of the retail user by tracking non-retail tokens (NFTs) and decentralized finance (DeFi) in wallets. “Many people manage multiple crypto wallets and […] Achieving an overview of all their assets in one place has been a challenge,” said Coinbase.

The exchange is not the first company to offer this service. For example, Zerion Wallet allows users to connect multiple wallets, including NFTs and DeFi spaces, and track crypto portfolios. The platform supports multiple blockchains including Ethereum, BNB Smart Chain and Polygon.

Coinbase's Wallet offers support for assets on Bitcoin, Solana, and Ethereum-based chains. Sid Kolho-Prabhu, Coinbase's senior director of product management, said no fees will be charged to users of the platform: “Users will continue to pay network transaction fees (not Coinbase fees) for most assets when sending or receiving assets.” With any backpack.

Phishing, fraud and other vulnerabilities

Coinbase wallet users have been targeted by sophisticated phishing attacks, scams and other vulnerabilities in the past.

Cointelegraph previously reported that fraudsters used legitimate-looking emails and communication methods to trick users into providing sensitive information. In some cases, even Coinbase support staff have been tricked, leading to unauthorized access and theft of funds.

Coinbase said its security team continuously develops new features and security measures to protect user assets, such as biometric authentication, passwords, security locks, authentication alerts and spam token management.

Regardless of security measures and sophisticated security technology, no platform is free from users who can become victims of fraud. Safety is a shared responsibility – everyone has a role to play,” Kolho-Prabhu explained, explaining that educating customers is an important step in improving safety.

Embedded, smart wallet

In March, Coinbase introduced two new wallet solutions focused on integrating and balancing transactions in Ethereum Virtual Machine (EVM) applications. These solutions specifically target developers' onboarding to the layer-2 blockchain, Base.

The first solution, Smart Wallet, allows users to carry their balances across various EVM-compatible apps integrated with the Coinbase Wallet SDK. The second is an embedded wallet that allows developers to integrate non-case white-labeled wallets into their apps.

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