Coinbase Wallet, a self-custody wallet operated by the owner of the cryptocurrency exchange Coinbase, recently integrated the Blockaid security tool to enhance user security. This integration, announced in a joint report to Cointelegraph, has been in effect for five months and has successfully prevented over $75 million in potential funds theft.

Blockaid’s innovative technology has thwarted nearly 800,000 malicious wallet connections to decentralized apps (DApps) by analyzing 114 million transactions and DApp connections. This achievement showcases the effectiveness of the security tool in safeguarding users’ assets.

Through the integration, Coinbase Wallet has improved transaction simulations, allowing users to predict the outcome of transactions before broadcasting them to the blockchain. This proactive approach helps prevent crypto scams and theft by providing users with valuable insights into the potential consequences of their transactions.

By utilizing three Blockaid application programming interfaces (API), Coinbase ensures enhanced security for users browsing DApps, transacting with Web3 protocols, and engaging in on-chain messaging. The integration has significantly enhanced transaction simulations on various chains, including the Ethereum network and other Ethereum Virtual Machine (EVM) chains like Base, Optimism, and Polygon.

While transaction simulations offer valuable insights, validation is equally crucial in enhancing transaction security. Coinbase Wallet users receive warnings on their confirmation screens when a transaction is flagged as malicious, providing an additional layer of protection.

Blockaid’s transaction security technology has also been adopted by other prominent platforms like MetaMask, demonstrating its industry-wide relevance. By integrating innovative security solutions like Blockaid, cryptocurrency wallets can effectively combat potential threats and protect users from malicious activities in the ever-evolving digital landscape.

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