- Coinbase Wallet has introduced new alerts to offer increased transparency during transactions.
- Users will receive an alert when a dApp will request approval.
- Whether to go ahead with the transaction or not will be in control of the user.
Coinbase wallet is popular for giving users the charge of their crypto, keys and most importantly, data. Now the self-custody crypto wallet has come up with something really meaningful. According to its latest update, users will now be informed every time a decentralized app seeks approval for the withdrawal of non-fungible tokens and crypto.
Get more transparency during transactions— Coinbase Wallet (@CoinbaseWallet) September 7, 2022
Coinbase Wallet now shows you when a dapp requests approval to withdraw all of your crypto and NFTs 🧵 pic.twitter.com/3UB7BHA3KA
This is an amazing initiative that will help users in making wise decisions while carrying out transactions. But what’s the reason behind the move?
When a non-fungible token is listed for sale or it is deposited into a liquidity pool, the smart contract gets the right to withdraw the assets. Although there’s nothing to worry about, there are times when harmful dApps go the wrong way by utilizing the feature with an intent to steal assets from unrecognized users.
With the latest update, every transaction that’s tried for the “setApprovalForAll() function” will be scanned by the Coinbase Wallet. This allows dApps to withdraw NFTs and crypto. In case the function is found, the user will be notified and they can go for the best decision.
Giving utmost priority to security of users, more features are underway and will be introduced in the coming time.
3/ Does your wallet do all of that?— Coinbase Wallet (@CoinbaseWallet) September 7, 2022
Safety is our top priority and we’re working on even more features to keep you safe in web3.
No matter what, remember to ALWAYS double-check your transactions before signing. Stay safe!