Crypto

Coinbase Unveils App to Track Multiple On-Chain Wallets, Boosts User Experience

Coinbase launches app to manage multiple wallets, supporting Bitcoin, Solana, and Ethereum-based chains.

By Bill Bullington

7/11, 13:12 EDT
Bitcoin / U.S. dollar
Coinbase Global, Inc.
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Key Takeaway

  • Coinbase (COIN) launches a new app to manage multiple on-chain wallets, enhancing user experience for buying, swapping, sending, staking, and minting coins.
  • The app aims to simplify asset tracking by consolidating multiple wallets into one interface available on both desktop and mobile devices.
  • This move aligns with Coinbase's long-term goal of becoming a "super app," broadening access for less tech-savvy investors.

Coinbase's New Unified Wallet App

Coinbase (COIN) has announced the launch of a new app designed to simplify the management of on-chain wallets and activities, a move aimed at enhancing user experience, particularly for newcomers to the crypto space. The app will allow users to connect multiple wallets and perform various functions such as buying, swapping, sending, staking, or minting coins from their wallets. Additionally, users will be able to interact with each other through the app.

In a statement, Coinbase highlighted the challenges faced by many users who rely on manual spreadsheets and multiple browser tabs to track their assets. "Many people also manage several crypto wallets, and until now, achieving a comprehensive view of all their assets in one place has been a challenge," the company said. The app will be available on both desktop and mobile devices and will also support smart wallets.

Industry Context and Competitors

Coinbase's new app is part of a broader industry trend aimed at making crypto more accessible to less tech-savvy investors. Other wallet providers, such as Exodus, have launched similar products to simplify the user experience. Cold or decentralized wallets, for instance, can be difficult to navigate, making such innovations crucial for broader adoption.

The new Coinbase wallet will support assets across Bitcoin, Solana, and Ethereum-based chains. Users will be able to connect any self-custodial wallet supported by Wallet Connect, including popular options like MetaMask and Phantom wallets. This feature aims to address the growing retail demand for tracking non-fungible tokens (NFTs) and decentralized finance (DeFi) positions across multiple wallets. "Many people also manage several crypto wallets and [...] achieving a comprehensive view of all their assets in one place has been a challenge," Coinbase reiterated.

Zerion Wallet, another competitor, already offers similar functionalities, allowing users to connect multiple wallets and track crypto portfolios, including NFTs and DeFi positions, across several blockchains like Ethereum, BNB Smart Chain, and Polygon.

Security Measures and User Education

Security remains a significant concern for Coinbase, especially given past incidents involving sophisticated phishing attacks and scams targeting its wallet users. Scammers have used legitimate-looking emails and communication methods to deceive users into providing sensitive information, sometimes even tricking Coinbase support employees, leading to unauthorized access and theft of funds.

To mitigate these risks, Coinbase's security team continuously develops new features and security measures, including biometric authentication, passwords, security locks, approval alerts, and spam token management. "No platform, regardless of its safety measures and sophisticated security technology, is immune from users potentially falling victim to scams. Security is a shared responsibility — everyone has a role to play," explained Sid Coelho-Prabhu, Coinbase’s senior director of product management. Educating customers has been a crucial step in improving security, he added.

Management Quotes

  • Coinbase:

    "Today, many people use manual spreadsheets and need to open multiple browser tabs to track their assets holistically. Many people also manage several crypto wallets, and until now, achieving a comprehensive view of all their assets in one place has been a challenge."