Coinbase Wallet | Setting™ up Wallet Extension - Coinbase®

With the progress in crypto, it is even more essential to choose the right wallet to protect, manage, and interact with digital assets. Coinbase Wallet stands out as from the wide Coinbase ecosystem, proclaimed as the self-custody solution. Account holders are the one and only owners of their private keys, NFTs, and decentralized application (dApps) access. Thus, if you’d like to explore either the Coinbase wallet app or the Coinbase Wallet extension, this guide has you covered with everything you require to trade safely.

Take a look at the article for deeper insights on Coinbase wallet experience across the other platforms with the updated set of Coinbase’s official documentation. 

For new users, it is vital to know the difference, which might confuse them in the future. A non-expert might not know that the Coinbase Wallet and the exchange account on the Coinbase exchange are not the same.

Your account on the Coinbase exchange is considered a custodial account. This means that the company, Coinbase, controls the account. In the case of the Coinbase Wallet, it is considered a non-custodial account. This means that only the account holder controls the account. The company, Coinbase, cannot access the assets that the account holder has on the non-custodial account. This is an extremely important difference.

In the case of the non-custodial account, the account holder has complete control of the assets but also the complete responsibility for the assets. In the event that the account holder loses the 12-word recovery phrase for the account and the password, then no one can help the account holder. The support team of the company or anyone else cannot help the account holder.

The non-custodial account supports different assets. These include Bitcoin, Ethereum, Solana, and thousands of ERC-20 tokens. In addition, it supports decentralized exchanges, NFT marketplaces, Web3, etc. 

The Coinbase Wallet app is compatible with iOS and Android devices and is considered one of the most feature-rich crypto wallets currently in existence.

Step-by-Step Guide to Setting Up the Coinbase Wallet App

To begin using the Coinbase Wallet app, the process is quite simple, but to do it correctly requires attention to detail. 

1.      Obtain the Official Coinbase Wallet App

To start, users need to obtain the Coinbase Wallet app from the Apple App Store or the Google Play Store. Users need to look up the app named "Coinbase Wallet." Before downloading the app, users need to make sure the app is actually developed by Coinbase, Inc., as impersonator apps are a big problem in the cryptocurrency space.

2.      Create a New Wallet

Once the app has been downloaded and launched, users need to create a new wallet or import an existing one. At this point, users need to choose to create a new wallet.

3.      Secure your recovery phrase

The app will generate a 12-word recovery phrase unique to your account. This phrase is the master key for your entire wallet. You should write it down by hand on a piece of paper, store multiple copies in secure locations, and never photograph the phrase or store it digitally. This phrase allows anyone who has it access to your wallet on any device.

4.      Set a PIN or biometric lock.

The app offers PIN codes and biometric authentication, such as Face ID or fingerprint scanning. This is an added security feature for your device.

After completing the wallet setup, you will get access to the ultimate wallet features. With this wallet, you can easily receive and send more than hundreds of crypto coins. Not only this, but the account owner can even manage their NFT collection and connect to decentralized applications. Not only this, but the user can bridge their assets across blockchain networks, namely:

• Polygon

• Ethereum

• BNB Chain

• Avalanche, etc.

Additionally, for users who have assets on Coinbase, they can take advantage of a feature that allows them to transfer their assets between their custodial Coinbase account and their self-custodial Coinbase Wallet with ease.

The Coinbase Wallet extension allows you to harness the full capability of self-custody crypto management right in your desktop browser. The Coinbase Wallet extension works with Chrome, Brave, Firefox, and other Chromium-based browsers. It’s one of the most widely used Wceb3 browser-based crypto wallets out there, aside from MetaMask. 

Installation of Coinbase Wallet Browser Extension in a Safe Manner

It’s always best to safely install the Coinbase Wallet extension through your browser’s web store and check that it was published by Coinbase. Wallet extensions designed to steal seed phrases are one of the most common and effective methods attackers use to steal cryptocurrency. Taking a few seconds to verify can save you from catastrophic loss.

The extension works seamlessly with your browser toolbar and allows you to connect to any web3 site with one click.

The Coinbase Wallet extension is purpose-built for active Web3 participation. It allows you to interact with decentralized finance (DeFi) protocols, participate in NFT mints and marketplace sales, sign smart contract transactions, manage multiple wallets from a single interface, and switch between blockchain networks instantly.

One particularly useful feature is the extension's transaction simulation capability, which previews what a transaction will do to your wallet balances before you confirm it. This is a meaningful security enhancement that helps users avoid malicious contracts designed to drain wallets. 

If you already use the Coinbase Wallet app on your phone, you can sync it with the desktop extension using your recovery phrase or by scanning a QR code during setup. This gives you a consistent wallet experience across both mobile and desktop environments, with the same assets and transaction history visible on both.

Coinbase Wallet is one of the best representations of a well-refined and user-friendly gateway to real self-custody crypto management today. The Coinbase Wallet app offers a feature-rich mobile solution for on-the-go crypto management and dApp support, and the Coinbase Wallet extension offers a professional-grade solution for desktop Web3 connectivity in your favorite browser.