Coinbase reported that crypto transactions are often too complex for users, causing them to fall prey to scammers. Therefore, the company has improved the security of its wallet.
Cryptocurrency exchange Coinbase has added several new features to increase transparency. These include transaction preview, token verification notification, blacklisting of decentralized applications (dApps), and a spam token management feature.
Transaction previews will allow users to see at a glance how their balance has changed when interacting with smart contracts. The token verification notification will alert users that a particular dApp is trying to access their digital assets.
Also, when interacting with any fraudulent dApp, a warning will be displayed. This innovation should reduce the number of thefts of cryptocurrencies from users’ wallets.
According to Coinbase product manager Ayoola John, the company decided to update the wallet because users are often victims of phishing attacks and other types of fraud.
Earlier, Coinbase CEO Conor Grogan said that he suspects Binance crypto exchange managers of leaking insider information.