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 group of users, including all Lens protocol users and anyone who scans the QR code included in this video.
The messaging feature supports the 1.3 million Ethereum addresses using the wallet that are human readable and/or ENS enabled.
“Messages on Coinbase Wallet are end-to-end encrypted, private and portable. Allows you to connect directly through your wallet, connect with your communities, [and] sending payments across thousands of coins,” said the Coinbase press release. In addition to conventional communication, the messaging feature also allows NFT and POAP holders to connect directly with others who hold the same assets. This ability can create new connections that would otherwise be difficult to establish.
But this messaging feature is not just an innovative feature or utility. It serves as a crucial security measure. It helps prevent common problems such as accidental crypto transactions to the wrong address, false claims of ownership of an .eth name, and fraudulent social media profiles claiming that they do not own wallet addresses. 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 who want to use this feature will need the Coinbase Wallet mobile app and a .lens account. After downloading or importing your wallet, you will find a QR code in your inbox under the ‘Assets’ tab in the Coinbase Wallet app.
Since its launch as a mobile app in 2017, Coinbase Wallet has been consistently upgraded, adding features such as transaction previews and flags for potentially malicious smart contracts. This comes despite the SEC’s legal action against Coinbase in June, mainly targeting the wallets and their compliance with regulatory structures.
Undeterred, Coinbase continues to improve its wallet offerings and aims to maintain its position at the forefront of the crypto landscape.
Editor’s Note: This article was written by an nft now contributor in collaboration with OpenAI’s GPT-4.