Crypto wallet Phantom has launched beta support for Base, Coinbase’s layer-2 network, which allows users to manage assets across multiple chains.
Phantom, a cryptocurrency wallet originally designed as a Solana-centric application, has announced the rollout of beta support for Base, an Ethereum-based layer 2 network developed by Coinbase.
In a blog post, the Phantom team revealed that users can now explore features such as sending, receiving and purchasing Base-based stablecoins such as USD Coin (USDC) and cryptocurrencies such as Ethereum (ETH) using debit and credit cards, Apple Pay, or Coinbase.
Enable Basic:
Step 1: Open Phantom on mobile or browser
Step 2: Go to ‘Settings’
Step 3: Select ‘Active Networks’
Step 4: Turn on ‘Basic’Once you do this, Base will be enabled.
Friendly reminder: Like our other chains, Base is 100% opt-in. pic.twitter.com/6zKNN1TB0n
— Phantom (@phantom) October 7, 2024
Phantom has highlighted that Base support is currently in beta and opted-in, meaning those interested in trying the new addition will need to enable it in their wallet settings.
In addition to asset management, Phantom also offers users the ability to participate in decentralized financial applications and non-fungible tokens within the Base ecosystem. In addition, the wallet also supports features designed to improve security, such as compatibility with Ledger devices, automatic spam detection for malicious NFTs and tokens, and transaction simulation to flag suspicious activity.
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Phantom was founded in 2021 and later completed a $109 million Series B financing round led by Paradigm, bringing its valuation to $1.2 billion. Other investors include Jump Capital, Andreessen Horowitz, Solana and Variant. The wallet supports multiple networks, including Bitcoin, Ethereum and Solana.
Meanwhile, blockchain networks face increasing security challenges as malicious actors exploit vulnerabilities in smart contracts, with Coinbase’s Base network leading the way in high-risk detections. As crypto.news previously reported, data from Trugard Labs shows that Base accounted for more than 34,000 risky detections in its smart contracts in August.
The network incubated by Coinbase was particularly prone to digital signature issues, with nearly 22,000 detections related to tampering in standard libraries such as SafeMath. Malicious boolean checks on token transfers also posed significant risks, with more than 6,300 cases identified on Base. These controls can block or manipulate token transfers, which is a significant vulnerability.
Read more: Solana’s Phantom wallet introduces a cross-chain swapper to extract liquidity from Ethereum