Coinbase Wallet Integrates Blockaid Security Tool for Enhanced Web 3.0 Protection

Coinbase Wallet Integrates Blockaid Security Tool for Enhanced Web 3.0 Protection

Coinbase Wallet, a self-custody wallet operated by the owner of the popular cryptocurrency exchange Coinbase, has recently integrated the Blockaid security tool to further enhance its web 3.0 capabilities.

In a joint report released to Cointelegraph on March 13, Coinbase Wallet and Blockaid announced that the integration took place five months ago, providing additional layers of security for Coinbase users. This move comes as part of Coinbase’s commitment to staying ahead of the curve in terms of web 3.0 technology.

The integration of Blockaid technology has already proven to be highly effective, with the companies reporting that it has prevented over $75 million from being stolen. By scanning and analyzing 114 million transactions and DApp connections, the security tool has successfully stopped nearly 800,000 wallet connections to malicious decentralized apps (DApps).

According to Blockaid CEO Ido Ben Natan, the value of the saved funds was calculated by analyzing the malicious transactions presented to users through the integration at the wallet level. He confidently stated, “We are able to confidently say that the minimum number of funds saved for users is over $75 million.”

This integration is just one example of the numerous use cases for web 3.0 technology, showcasing its potential to revolutionize the security and functionality of decentralized systems. As we continue to see more web 3.0 blockchain projects emerge in the coming years, it’s clear that this is just the beginning of a smart and secure web 3.0 era.

How Blockaid’s Integration with Coinbase Wallet is Enhancing Security for Web 3.0 Transactions

Blockaid, a leading blockchain security platform, has recently announced its integration with Coinbase Wallet, a popular decentralized wallet for storing cryptocurrencies. This integration aims to provide enhanced security for Web 3.0 transactions, specifically targeting the prevention of crypto scams and theft.

According to Blockaid CTORaz Niv, the $75 million in detected scams is just the “lower band” of what the platform has identified for Coinbase Wallet users. This highlights the importance of implementing strong security measures in the rapidly growing world of Web 3.0.

One of the key features enabled by this integration is the ability to simulate transactions before they are broadcasted to the blockchain. This allows users to better understand the potential consequences of their actions and make informed decisions to protect their assets.

The integration also utilizes three of Blockaid’s APIs to provide layers of security for Coinbase Wallet users. This includes protection while browsing DApps, transacting with Web3 protocols or addresses, and on-chain messaging.

With this technology in place, Coinbase Wallet users can have a better understanding of the outcomes of their transactions, whether it involves on-chain assets like Ether (ETH) or off-chain transactions like Seaport orders on OpenSea. This is a crucial step in ensuring the safety and security of Web 3.0 transactions.

Coinbase Wallet Integrates Blockaid for Improved Transaction Simulations on Web 3.0 Chains

As the world of decentralized technology advances, more and more blockchain projects are emerging in the market. Among them, web 3.0 blockchain projects are gaining significant attention in 2022. One such project is Coinbase Wallet, which has recently integrated Blockaid for enhanced transaction simulations on various web 3.0 chains.

According to Coinbase’s senior director of engineering, Chintan Turakhia, this integration has notably improved transaction simulations on at least seven chains, including the Ethereum network and six other Ethereum Virtual Machine (EVM) chains. These EVM-compatible networks include Base, Optimism, and Polygon.

Combining Transaction Simulations with Validation for Added Security on Web 3.0

While transaction simulations hold great potential in protecting users, they are not enough on their own. To ensure sufficient security, the joint report emphasizes the importance of coupling simulations with validation – the process of identifying malicious transactions.

Coinbase Wallet users will now receive a warning on their confirmation screen if a transaction is deemed malicious, thanks to the integration of Blockaid’s transaction security technology.

However, Coinbase Wallet is not the only platform to have implemented this technology. In November 2023, major EVM wallet MetaMask introduced security alerts in collaboration with Blockaid. And in February 2024, MetaMask extended these default security alerts to multiple blockchains, including Linea, BNB Smart Chain, Polygon, Arbitrum, Optimism, and Avalanche.