Coinbase Integrates Ethereum Blockchain Explorer Etherscan With Wallet: Why The Move Is Drawing Mixed Reactions

Coinbase Integrates Ethereum Blockchain Explorer Etherscan With Wallet: Why The Move Is Drawing Mixed Reactions

Crypto exchange Coinbase Global Inc COIN has integrated its wallet app with blockchain explorer Etherscan, making on-chain data more easily accessible for its users.

What Happened: Coinbase Wallet announced on Monday that it had integrated with Etherscan — a blockchain explorer and analytics platform for the Ethereum ETH/USD ecosystem.

The integration was in aid of bringing more on-chain data to retail traders and users of the Coinbase Wallet, stated the exchange in the announcement.

Etherscan is one of the longest-running projects built around the Ethereum community and is often the go-to tool that provides insight into on-chain transactions, whale transfers and wallet activity on the blockchain.

Some users see the move as a positive one that would let traders check the number of whales and their corresponding holdings under each individual ERC-20 token.

Others, like the chief information security officer at blockchain analytics firm SlowMist are expressing concerns over what it would mean if Etherscan was compromised by bad actors.

See Also: HOW DOES COINBASE MAKE MONEY?

Earlier this year, Coinbase said it would “phase out” its Coinbase Pro exchange and replace it with a new feature called “Advanced Trade” within its existing app. The platform still lets users trade cryptocurrencies like Bitcoin( CRYPTO: BTC), ETH, and Dogecoin DOGE/USD without the added advantages of reduced trading fees that could be availed on the Pro platform.

Price Action: Coinbase shares traded 0.62% lower after hours, as per data from Benzinga Pro.

Posted In: block explorersBlockchainCrypto ExchangesEtherscanCryptocurrencyNewsMarketsTech

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