- Phantom Wallet adds beta support for Coinbase’s native layer-2 network.
- Phantom users can send, receive, and purchase Base-based assets through a variety of methods.
- The underlying network faces security risks, but Phantom enhances user protection.
Phantom, the first cryptocurrency wallet built for the Solana ecosystem, has expanded its capabilities by launching beta support for Coinbase’s Base Network, an Ethereum-based layer 2 solution.
According to a blog post published by Phantom, this new feature will allow Phantom Wallet users to seamlessly manage their digital assets across multiple blockchains. With features such as sending, receiving, and purchasing stablecoins and cryptocurrencies through various payment methods, Fantom aims to improve user experience and expand the ecosystem.
Enhanced features for asset management in Phantom
With the introduction of Base support, Phantom users can now interact with a variety of features tailored to facilitate efficient asset management.
The wallet now allows users to send and receive native-based stablecoins such as USD Coin (USDC) and cryptocurrencies such as Ethereum (ETH). Users can easily purchase these assets using debit and credit cards, Apple Pay, or directly through Coinbase, making it more accessible to newcomers and seasoned cryptocurrency enthusiasts alike.
However, it is important to remember that this support is currently in beta and requires users to opt in through their wallet settings.
In addition to asset management, Phantom features integrations that allow users to participate in decentralized finance (DeFi) applications and non-fungible tokens (NFTs) within the Base ecosystem.
The wallet addresses the growing security concerns in the cryptocurrency space by emphasizing security with features such as compatibility with Ledger devices, automatic spam detection for malicious NFTs and tokens, and transaction simulations that flag suspicious activity.
Ecosystem growing amid security issues
Phantom’s expansion comes at a time when the cryptocurrency landscape is becoming increasingly vulnerable to security threats.
Coinbase’s Base network accounted for more than 34,000 high-risk detections in smart contracts during August, according to recent data from Trugard Labs. The network suffered from vulnerabilities, specifically related to digital signature issues and malicious boolean checks on token transfers.
These challenges highlight the urgent need for robust security measures as malicious actors exploit vulnerabilities in smart contracts.
Still, despite these risks, the partnership between Phantom and Base represents a positive path forward for both companies.
Jesse Pollak, founder of Base and recently appointed Vice President of Engineering at Coinbase to lead Coinbase Wallet, emphasizes the shared vision between Base and Coinbase to simplify the on-chain experience for users. He expressed his enthusiasm for the new role and mission to bring 1 billion people and 1 million builders to blockchain.
As the cryptocurrency space continues to evolve, the integration of Phantom and Base represents an important step in expanding the user base while also addressing urgent needs for security and accessibility in the decentralized ecosystem.
With the growing popularity of layer 2 solutions like Base, the future looks promising for Phantom and its users navigating the complex landscape of cryptocurrency.