The New Coinbase Wallet Standalone Browser Extension  

The Coinbase browser extension is a new kind of digital wallet needed the most this time. Users accessing NFTs and decentralized exchanges are increasingly turning towards self-custody wallets. The Coinbase browser extension could be what these users are looking for.  

New Digital Wallet  

The digital wallet will empower users to access a wide spectrum of cryptocurrency and digital assets with greater ease on various decentralized exchanges. The browser extension is available for free to Chrome users. New users can enjoy greater flexibility since they can import digital wallets based on Ethereum. Present customers who rely on WalletLink to utilize Coinbase Wallet can also import their digital wallets to use this latest feature. The browser extension has been available since May 2021.   

Self-Custody Wallets  

Self-custody wallets such as MetaMask are being widely adopted for dealing in nonfungible tokens (NFTs) and decentralized finance. Using these digital wallets, users can shift funds with greater convenience towards decentralized exchanges to purchase digital assets that are often unavailable on conventional mainstream exchanges. As the crypto industry strives to accommodate tens of millions of fresh users, self-custody wallets are emerging as the pragmatic solution to this end.   

Exchange Hacks Rising 

Decentralized exchange hacks are becoming a major concern source due to a sharp rise in crypto crime. In 2021, hackers stole cryptocurrency worth $14 billion – a record amount. A big reason for this sharp rise in crypto theft can be attributed to the advent of decentralized exchanges. Decentralized finance protocols accounted for around 72 percent of stolen crypto funds. The sharp rise in crypto hacks in 2021 represents a 79 percent increase over the previous year. Decentralized finance is an exciting new front in cryptocurrencies that implies vast new opportunities for many users. However, if something is not done quickly about the scamming and pilfering that decentralized finance is exposed to, its benefits could be lost. It seems ironic that decentralization could become a threat to decentralized exchanges.  

Why Decentralized Finance Is Here To Stay 

Decentralized finance is very attractive to users since they don’t have to rely on banks and other heavily regulated financial entities for carrying out their transactions. Smart contracts are another promising innovation that could replace lawyers and banks. These are basically programmable bits of code that can be stored on public blockchains such as Solana and Ethereum. The smart contract will be executed automatically when its conditions are fulfilled and this obviates the need for intermediaries. The financial system manages money by imposing various stringent terms and conditions. These terms and conditions can be avoided through decentralized exchange alternatives.   

New Features For Decentralized Exchanges 

New decentralized exchange protocols have security flaws and weaknesses that hackers are exploiting to steal digital assets. If the crypto industry wants to survive and thrive, security will become a top priority to thwart rising crypto crime. However, the good news is that the adoption rate is increasing at a much higher rate than the percentage rise in crypto crime. As a result, despite a record rise in crypto crime, it surprisingly represents a smaller percentage of digital assets.