Ornella Hernandez

The Coinbase Wallet now has an updated order preview screen that lets users simulate the outcome of a transaction on a decentralized application (dapp) before hitting confirm.



The wallet is a general purpose dapp not limited to interacting with the Coinbase exchange. The new “Transaction Preview” feature gives users an estimate of how their token balance will change once they buy a token or an NFT, based on a simulation of the transaction on the blockchain.



The company tweeted that the goal of this feature is to provide users with a “better understanding of how a dapp or smart contract will interact with your wallet” and “greater peace of mind.”



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">1/ By automatically simulating the code that would execute when you authorize a transaction on an EMV-compatible network, we provide you with an estimate of which assets will leave your wallet and any assets you’ll get back in return.&mdash; Coinbase Wallet (@CoinbaseWallet) <a href="https://twitter.com/CoinbaseWallet/status/1593375216293511168?ref_src=twsrc%5Etfw">November 17, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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This feature may come in handy for retail users wary of bad actors in the space, given the amount of scams and frauds that have plagued the crypto world this year.&nbsp;



The recent <a href="https://blockworks.co/news/worse-than-enron-sbfs-ftx-has-a-complete-absence-of-trustworthy-information" target="_blank" rel="noreferrer noopener">FTX saga</a> is one in a string of events that shed a light on the risks of centralized finance, but those who self-custody can fall victim to fake investment opportunities and romance-linked fraud, if they’re not careful. 



Over <a href="https://blockworks.co/news/frauds-and-scams-top-1b-since-2021-ftc-says" target="_blank" rel="noreferrer noopener">$1 billion was traced in losses in crypto-related scams</a> between the start of 2021 and the first half of 2022. Most victims were targeted on Instagram, Facebook, WhatsApp and Telegram and then tricked into making transfers on crypto exchanges like Coinbase.



Ethereum wallet Argent also has a preview trade screen with a transaction summary, but Coinbase Wallet adds additional information for users, such as an alert if a URL is associated with a phishing attempt.&nbsp;&nbsp;



Auston Bunsen, co-founder of infrastructure provider QuickNode said the preview feature will make it &#8220;significantly harder&#8221; for hackers and scammers to steal funds from Coinbase Wallet users. He added that it &#8220;gives more visibility and power to users to protect their funds — making self-custody even more attractive in the wake of FTX.&#8221;



For institutional customers, Coinbase has another screening tool that helps mitigate the risk of transacting at scale. Called the Know Your Transaction (KYT) API, it enables clients to determine if an entity or transaction is facilitating illegal or fraudulent activity. It also generates risk scores for user addresses, using the <a href="https://blockworks.co/news/google-signals-major-crypto-push-with-ethereum-solana-support" target="_blank" rel="noreferrer noopener">Google Cloud</a>.



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Argent

Coinbase Wallet Feature Takes Aim at User Safety

Morgan Chittum

<div id="highlights-block_61b8d70696ecd" class="highlights">
 <ul>
 <li>COIN is trading roughly flat on Tuesday at 1:00 pm ET, for $251 per share on the Nasdaq</li>
 <li>In October, Coinbase announced a forthcoming NFT marketplace</li>
 </ul>
 
</div>



Coinbase Wallet will soon support non-fungible token collections (NFTs) in its browser extension, the company announced on Tuesday.



The new feature means that NFTs — which were previously only available in its mobile app — will soon be viewable in users’ browsers, along with the ability to monitor <a href="https://support.opensea.io/hc/en-us/articles/4405171313171-What-is-a-floor-price-">floor prices</a>, i.e. a collection’s lowest priced item.



Coinbase Wallet is a standalone product, which users have to download from a brower’s web store, offered separately from Coinbase’s cryptocurrency exchange and investment platform.



“Our goal is to bring greater accessibility to the Web3 experience for all our users,” Sid Coelho-Prabhu, Coinbase Wallet product lead, said in a statement.



The move comes as the number of daily Coinbase Wallet users have increased by 300% in the past 60 days, the company said in its marketing materials. According to Coelho-Prabhu, as the popularity of the digital asset class rises, the move by Coinbase is an attempt to “make the world of crypto more user-friendly and accessible.”



The news follows the unveiling of Coinbase’s plans for an NFT marketplace, dubbed Coinbase NFT, in October. The product will allow users to purchase, mint, showcase and discover the blockchain-based digital collectibles on a peer-to-peer marketplace.&nbsp;



Assuming the NFT platform launches by the end of the year, “it can be 7% accretive to [Coinbase’s] 2023 earnings,” Owen Lau, an analyst at Oppenheimer &amp; Co, told <a href="https://fortune.com/2021/11/10/coinbase-nft-market-cryptocurrency-ceo-brian-armstrong/">Fortune</a> in November.&nbsp;



“Coinbase NFT will help creators, collectors, and fans build community, which aligns with Coinbase’s mission of increasing economic freedom and bringing crypto to more people, in new, exciting and accessible ways,” a spokesperson for the publicly-traded company previously told <a href="https://cms.blockworks.co/coinbase-plans-to-launch-nft-marketplace/">Blockworks</a>.



Coinbase Global Inc. (COIN) is trading roughly level on Tuesday at 1:00 pm ET, for $251 per share.




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