Coinbase Launches Unified Onchain Monitoring Through New Wallet App

Coinbase is set to release a new version of its cryptocurrency wallet, designed to enable users to access and manage their portfolios across multiple platforms from a single interface.

Comprehensive Portfolio Management

Announced on July 11, the new wallet will be accessible through both desktop and mobile devices via a website. This update allows users to connect any self-custodial wallet supported by Wallet Connect, including popular options like MetaMask and Phantom. This integration will provide users with an aggregated view of their assets across various applications, eliminating the need for a Coinbase wallet to utilize the service.

Coinbase’s New Wallet:

• Unified Access: Connects with any self-custodial wallet supported by Wallet Connect.
• Multi-Platform: Accessible on both desktop and mobile devices.
• Asset Aggregation: Provides a comprehensive view of assets across applications.
• No Coinbase Wallet Required: Service can be used without owning a Coinbase wallet.

Addressing User Demand

Coinbase’s solution aims to meet the growing retail demand for tracking non-fungible tokens (NFTs) and decentralized finance (DeFi) positions across different wallets. In a statement, Coinbase noted, “Many people also manage several crypto wallets and […] achieving a comprehensive view of all their assets in one place has been a challenge.”

While Coinbase is not the first to offer such a service, with competitors like Zerion Wallet already providing similar functionality, its extensive support for multiple blockchains sets it apart. Zerion supports Ethereum, BNB Smart Chain, and Polygon, among others.

Coinbase has a history of addressing security vulnerabilities that users face, including phishing attacks and scams. In the past, scammers have used legitimate-looking emails to trick users into divulging sensitive information. Even Coinbase support employees have been targeted in such schemes, leading to unauthorized access and theft of funds.

To combat these threats, Coinbase continuously enhances its security features. These include biometric authentication, passwords, security locks, approval alerts, and spam token management. Sid Coelho-Prabhu, Coinbase’s senior director of product management, emphasized the importance of user education in enhancing security, stating, “Security is a shared responsibility — everyone has a role to play.”

In March, Coinbase introduced two new wallet solutions aimed at integrating and balancing transfers across Ethereum Virtual Machine (EVM) applications. These solutions are particularly focused on developers and their onboarding to Coinbase’s layer-2 blockchain, Base.

• Smart Wallet: Enables users to carry their balances across different EVM-compatible apps integrated with the Coinbase Wallet SDK.
• Embedded Wallet: Allows developers to integrate non-custodial, white-labeled wallets into their applications.

The launch of Coinbase’s new wallet reflects the evolving needs of cryptocurrency users, who require sophisticated tools to manage diverse portfolios. By providing a unified platform for monitoring assets, Coinbase aims to simplify the user experience and enhance security.

As the crypto market continues to grow, the importance of comprehensive and user-friendly wallet solutions will only increase. Coinbase’s efforts to integrate multiple platforms and improve security measures demonstrate its commitment to meeting these demands.

Coinbase’s new wallet offering is a significant step towards providing users with a seamless and secure way to manage their crypto assets across multiple platforms. With its robust security features and user-centric design, Coinbase is poised to set a new standard in the crypto wallet market.