Coinbase’s Wallet product was upgraded to showcase transaction previews so that users can have a visual representation of their actions when approving transactions.
This move represents a company effort in preventing usual NFT scams. Offered by the popular cryptocurrency exchange Coinbase, Wallet represents a non-custodial standalone wallet separate from the wallet attributes provided by Coinbase’s main app. The new upgrade to Wallet was announced after Kevin Rose, Moonbirds founder and veteran NFT user, got phished for over USD 1 million worth of NFTs. He reportedly signed a hacked transaction and Coinbase Wallet’s upgrade seeks to prevent this kind of scam from happening again.
Coinbase Wallet users will have a preview of their transaction, having a visual representation of how their balance will change after they sign off on a transaction. Furthermore, Coinbase Wallet will point out when a DApp (decentralized app) requests user approval for token (including NFTs) withdrawal from a wallet. Coinbase has enabled both features on Polygon and Ethereum.
Recently, Coinbase Wallet introduced more support for Ledger-based wallets and increased the range of customization, allowing users to design several sets of wallets that operate on multiple blockchain networks. In the near future, Coinbase Wallet wishes to enable revoking and viewing token permissions.