Coinbase Wallet says it helped users save over $75 million in five months

Coinbase Wallet says it helped users save over $75 million in five months via Blockaid integration

Security • March 13, 2024, 9:00AM EDT

Quick Take

Coinbase Wallet announced today that it integrated with Blockaid five months ago.
The integration has since helped its users save over $75 million from being stolen, Coinbase Wallet said.

Coinbase Wallet revealed today that it teamed up with web3 security startup Blockaid five months ago — and, since then, the integration has helped its users save over $75 million from being stolen.

Blockaid stopped nearly 800,000 wallet connections to malicious decentralized applications by scanning and analyzing 114 million transactions and dApp connections during this period, Coinbase Wallet said.

"Integrating Blockaid helped evolve and improve onchain security for our users," Chintan Turakhia, senior director of engineering at Coinbase, said in a statement. "By supporting safety on Ethereum Mainnet as well 6+ other EVM chains such as Base, Optimism, and Polygon, we have been able to improve both UX and safety for Coinbase Wallet users. Getting security right is critical for bringing one billion people onchain," Turakhia added.

Lower end

The $75 million figure in savings represents the lower end, Blockaid co-founder and CTO Raz Niv told The Block. Blockaid's other clients include MetaMask, OpenSea, Zerion Wallet and Rainbow Wallet. Niv said the MetaMask integration has helped users save "hundreds of millions of dollars thus far," although he declined to provide specific figures for MetaMask and other clients.

Blockaid emerged from stealth mode last October after announcing a $33 million funding round. Niv and his other co-founder, Ido Ben-Natan, both previously worked in the cybersecurity research and development team of the Israeli military's cyber intelligence unit and the Office of the Prime Minister of Israel.

Blockaid provides security tools to prevent crypto fraud, phishing, and hacks. Coinbase Wallet uses three Blockaid APIs to enhance security for users while browsing dApps, transacting with web3 protocols or addresses, and communicating on-chain.

Blockaid is backed by high-profile investors, including Sequoia Capital, Ribbit Capital and Greylock Partners, and it operates out of New York and Tel Aviv.

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About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.