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Coinbase Wallet Takes a Step Further by Letting Users Earn Interest with New DeFi Integration

Coinbase’s mobile app Coinbase Wallet has previously enabled the access of decentralized applications, Dapps, the crypto giant has taken one step further in the decentralized world. Coinbase has recently announced that the integration of decentralized finance (DeFi) applications will be made available directly via the Coinbase Wallet on both iOS and Android.

DeFi has been increasingly popular in the cryptocurrency industry, as DeFi projects have emerged to recreate traditional financial products using blockchain.

According to Coinbase’s announcement, the new feature would enable an easier way for wallet users to use DeFi platforms including Compound and dYdX. As the integration of DeFi apps is built on the Ethereum blockchain, users would be able to lend and borrow crypto with interest through smart contracts that would automatically execute when actions have met with their parameters.

Coinbase Wallet users can choose a smart contract provider and be able to invest in crypto into the DeFi product of their choosing.

However, Coinbase warns its customers that certain DeFi lending apps come with risks, and could potentially have bugs that could lead to the loss of funds.

DeFi could enable a more open economy

In Q3 2019, CoinMarketCap (CMC) announced the launch of Interest by CoinMarketCap on Oct.17, as the one-stop resource for users to acquire the latest information on rates in saving, lending, borrowing and margin trading on cryptoassets. The platform started with 33 cryptoassets traded across wallets, exchanges and decentralized finance (DeFi) platforms, and now has over 40 assets.

Carylyne Chan, the Chief Strategy Officer of CoinMarketCap strongly believes that DeFi will allow CMC to foster a more open economy.

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SlowMist Reports Surge in Diverse Crypto Security Incidents for the Week of September 17-23, 2023

Key Takeaways

Total security incidents reported: 7

Estimated financial loss: Approximately $380,600

Notable trend: Increase in phishing attacks and rug pull tactics

New attack methods: DNS hijacking, contract vulnerability, and phishing attempts

Breakdown of Incidents

Phishing Attacks:

Unimevbot users were targeted through malicious MEV bot codes on the website. The exact loss remains undisclosed, but funds were transferred to the hacker’s on-chain address.

Coinbase Wallet also fell victim to a phishing attack that exploited the Web3 messaging network protocol. The exact financial impact is yet to be reported.

Contract Vulnerabilities:

Linear Finance exposed its $LUSD token to an exploit attack due to a contract vulnerability. No specific loss has been reported.

Rug Pulls:

BNBpay and YZER were involved in rug pull incidents, with losses amounting to approximately $114,000 and $28,600, respectively, following significant liquidity removals.

DNS Hijacking:

Balancer was targeted in a DNS hijacking attack by a phishing group known as AngelDrainer, resulting in a loss of around $238,000.

Infrastructure Vulnerability:

An unspecified infrastructure vulnerability led to significant funding and team token loss for a project named “None.” The exact financial impact remains undisclosed.

Conclusion

The Slowmist report underscores the increasing complexity and diversity of attacks in the crypto and blockchain landscape. SlowMist urges users to remain vigilant and adopt comprehensive security strategies.

Coinbase Launches Crypto Transactions via WhatsApp, Telegram, and Other Messaging Platforms

Coinbase Wallet, a prominent player in the cryptocurrency exchange sector, has rolled out a game-changing update that simplifies and accelerates international money transfers. This new feature, part of Coinbase’s strategy to make cryptocurrency transactions more accessible, allows users to send money via links shared through various messaging and social media apps.

How the Feature Works

The process is designed for user-friendliness. Users can create a link within the Coinbase Wallet and share it through popular messaging apps like WhatsApp, Telegram, iMessage, Snapchat, TikTok, and even email. When the recipient clicks the link, they are directed to download the Coinbase Wallet app (if they haven’t already) and are then able to create a wallet with one click to claim the funds. If the funds remain unclaimed for a 12-day period, they are automatically refunded to the sender. This approach ensures convenience and security in transactions.

No Fees and Instant Settlement

Coinbase has highlighted that there are no fees for transactions made through this feature and that settlement of transactions is instant. This is particularly notable for USD Coin (USDC) transfers, a U.S. dollar stablecoin co-launched by Coinbase and its issuer, Circle, in 2018.

Simplifying International Money Transfers

The update addresses the complexities and costs typically associated with traditional methods of sending money internationally, such as expensive wire transfers, bank fees, and processing times that can take up to five business days. This feature allows users to bypass traditional banking hurdles while eliminating fees and ensuring instant settlement of transactions.

Global Reach and Usability

Coinbase Wallet’s new feature supports 20 languages and is accessible in over 170 countries, significantly improving liquidity and access globally. This includes introducing cash payment methods in key regions like Brazil, Nigeria, and the Philippines. Additionally, Coinbase introduced a “simple mode” for its wallet app, streamlining usability to focus on essential features like crypto swaps and digital asset storage.