Credit: nft now
News

Coinbase Introduces Encrypted Messaging Feature to Crypto Wallet

BY Greg Larson

July 12, 2023

On July 12, Crypto exchange Coinbase announced the launch of a new messaging feature for its wallet that allows any two Ethereum addresses to communicate. Powered by the XMTP protocol, the encrypted messaging service will first be available to a small subset of users, including all Lens protocol users and anyone who scans the QR code featured in this video.

The messaging feature will support the 1.3 million Ethereum addresses using the wallet that are human-readable and/or ENS-enabled.

“Messaging on Coinbase Wallet is end-to-end encrypted, private, and portable. It allows you to connect directly through your wallet, engage with your communities, [and] send payments across thousands of coins,” read Coinbase’s press release. Beyond conventional communication, the messaging feature also empowers NFT and POAP holders to directly connect with others who own the same assets. This ability could foster new connections that would have been difficult to establish otherwise.

But this messaging capability isn’t merely an innovative feature or utility. It serves as a crucial security measure. It helps prevent common issues like accidental crypto transactions to the wrong address, false claims of .eth name ownership, and fraudulent profiles on social media claiming wallet addresses they don’t own. It also allows users to confirm wallet addresses without having to send a small balance to verify.

Importantly, these chats are interoperable and can be transferred to any XMTP-compatible app at any time. Users wishing to use this feature need the Coinbase Wallet mobile app and a .lens account. Once you’ve downloaded or imported your wallet, you’ll find a QR code in your inbox located on the “Assets” tab in the Coinbase Wallet app.

Since its inception as a mobile app in 2017, Coinbase Wallet has been consistently upgraded, introducing features like transaction previews and flags for potentially malicious smart contracts. This comes despite the SEC’s legal action against Coinbase in June, primarily targeting the wallets and their compliance with regulatory structures.

Undeterred, Coinbase continues to enhance its wallet offerings, striving to maintain its position at the forefront of the crypto landscape.

Editor’s note: This article was written by an nft now staff member in collaboration with OpenAI’s GPT-4.

Dive Deep

Features & Guides