Unified Onchain Monitoring: Coinbase Enhances Crypto Wallet Management

Coinbase is launching an upgraded version of its crypto wallet, enabling users to conveniently manage their portfolios across various platforms. In a statement released on July 11, the company announced that the new wallet will be accessible through a website on both desktop and mobile devices. Users can easily connect their self-custodial wallets, such as MetaMask and Phantom wallets, to get a comprehensive overview of their assets across various applications. Having a Coinbase wallet is not necessary for users to utilize the service.

“Many people also manage several crypto wallets and […] achieving a comprehensive view of all their assets in one place has been a challenge,” Coinbase stated.

As per Coinbase, the solution aims to meet the needs of retail users who want to keep track of their non-fungible tokens (NFTs) and decentralized finance (DeFi) positions across wallets. Other companies have also offered this service in the past.  For instance, Zerion Wallet enables users to effortlessly link various wallets and monitor their crypto portfolios, encompassing NFTs and DeFi positions. The platform is compatible with multiple blockchains, such as Ethereum, BNB Smart Chain, and Polygon.

The wallet provided by Coinbase will now extend its support to a wide range of assets, including those on Bitcoin, Solana, and Ethereum-based chains. Sid Coelho-Prabhu, Coinbase’s senior director of product management, assured users that no fees would be imposed on the platform. “Users do continue to pay network transaction fees (not Coinbase fees) for most assets when sending or receiving assets, as they would with any self-custodial wallet.”

Coinbase wallet users have fallen victim to various phishing attacks, scams, and vulnerabilities in the past. Scammers have been known to employ deceptive tactics, such as using authentic-looking emails and communication methods, to trick users into divulging sensitive information. There have been instances where even Coinbase support employees fell victim to deception, resulting in unauthorized access and the theft of funds.

Coinbase emphasizes the importance of user asset protection and continuously enhances its security features. These include biometric authentication, password security, locks, approval alerts, and spam token management.

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“No platform, regardless of its safety measures and sophisticated security technology, is immune from users potentially falling victim to scams. Security is a shared responsibility — everyone has a role to play,” Coelho-Prabhu emphasized the significance of educating customers as a crucial measure in enhancing security.

In March, Coinbase unveiled two new wallet solutions that aim to seamlessly integrate and manage transfers across Ethereum Virtual Machine (EVM) applications. These solutions were designed to address the needs of developers new to Base, a layer-2 blockchain. With the first solution, users can conveniently carry their balances across various EVM-compatible apps seamlessly integrated with the Coinbase Wallet SDK. Another feature is an embedded wallet that allows developers to incorporate non-custodial, white-labeled wallets into their applications seamlessly.

Coinbase’s Unified Onchain Monitoring: What’s Next?

Coinbase’s launch of an upgraded crypto wallet highlights its commitment to providing users with a streamlined and comprehensive way to manage their digital assets. The new wallet, accessible via desktop and mobile, allows users to connect various self-custodial wallets like MetaMask and Phantom, offering a unified view of their portfolios. 

This service, which supports assets across multiple blockchains, including Bitcoin, Solana, and Ethereum-based chains, aims to meet the growing needs of retail users tracking NFTs and DeFi positions. Despite past security challenges and phishing attacks, Coinbase continues to emphasize the importance of robust security measures and user education to safeguard assets. This development reflects ongoing efforts to enhance user experience and security in the evolving landscape of digital finance.