These days in the crypto and NFT market, several scams are occurring, and after looking at some of the high-profile NFT scams, Coinbase Wallet turned their intention to more safety features. On the 30th of January, Coinbase announced that it is improving the safety and user experience of its crypto Wallet App. Coinbase also announced several other new features that are all aimed at enhancing blockchain transparency and security for its Wallet users.
These new Coinbase Wallet features include token approval alerts, transaction previews, a blocklist of flagged dApps, and a spam token management feature, which hides maliciously airdropped assets automatically. The transaction preview features will allow Coinbase Wallet users to understand better how engaging with a smart contract will transform their Wallet balances before they sign. And the token approval alert feature will notify the user if a dApp is trying to take their cryptocurrencies or NFT.
If a user will interact with any flagged dApp, the Coinbase Wallet app will also warn users before they encounter potentially risky contracts, which could lead them to lose their crypto in unwanted situations, such as wallet drainers and phishing scams. Regarding the reason behind these new safety features, in a blog post, Ayoola John, the product manager at Coinbase, said that the new features were implemented because crypto transactions are usually intimidating and lack transparency. Due to these types of crypto transactions, some users become the victims of phishing attacks, other types of scams, and malicious airdrops.
Moreover, Coinbase also updated its revoke features that will allow users to disconnect from dApps from their Wallet app. Coinbase has also added support for users with multiple crypto wallets and multiple Web3 identities. And the new browser extension of the Wallet app will allow users to add up to 14 different Ledger addresses.