Coinbase, a prominent cryptocurrency exchange, has fortified its Coinbase Wallet by incorporating Blockaid’s security tool, a collaboration aimed at enhancing user fund protection. This integration, effective by late 2023, was first revealed in a March 13th report, indicating that the technology had been in use for five months. The adoption of Blockaid has successfully thwarted potential theft, safeguarding over $75 million in user assets.
Enhanced Safety Measures for Users
The security measures involved the scrutiny of over 114 million transactions and DApp interactions, leading to the blockage of almost 800,000 hazardous wallet connections. Blockaid’s CEO, Ido Ben Natan, highlighted their success in preserving substantial user funds by intercepting malicious transactions and assessing their current worth.
Coinbase Wallet’s integration with Blockaid has introduced an advanced transaction simulation function. This feature predicts transaction results before execution on the blockchain, enabling the platform to foresee and avert fraudulent activities and theft within the crypto space.
Furthermore, Coinbase has integrated three distinct Blockaid APIs to establish a robust security infrastructure for users. These APIs serve to secure user interactions with DApps, Web3 protocols, on-chain addresses, and messaging systems.
Robust Transaction Simulations Across Networks
The technology from Blockaid empowers Coinbase Wallet users to predict the outcomes of transactions. This includes movements of on-chain assets such as Ethereum and off-chain activities like OpenSea’s Seaport orders. Chintan Turakhia, Coinbase’s senior engineering director, stated that the integration has enhanced transaction simulations across several chains, including Ethereum and others like Base, Optimism, and Polygon.
However, Coinbase Wallet is not alone in adopting Blockaid’s transaction security technology. MetaMask, another major EVM wallet, has also incorporated Blockaid security alerts and, as of February 2024, expanded these alerts to a range of blockchain networks, highlighting the increasing importance of transaction security in the crypto ecosystem.