Phantom Wallet Expands with Beta Support for Base, Coinbase’s Layer-2 Network

• Phantom Wallet expands beyond Solana by introducing beta support for Coinbase’s Base, enabling cross-chain transactions and enhanced asset management.
• The new integration allows users to buy and manage Base-based cryptocurrencies, including Ethereum and USDC, using debit cards, Apple Pay, and Coinbase.
• Phantom ensures added security by offering features such as spam detection for malicious tokens and compatibility with Ledger devices for Base users.

Initially known for its Solana-focused crypto wallet, Phantom has rolled out beta support for Base, Coinbase’s Ethereum-based layer-2 network. This marks a significant expansion of Phantom’s capabilities, enabling users to manage their crypto assets across multiple blockchain networks.

Base Network Integration and Features

Adding Base in Phantom’s wallet allows users to perform various transactions, including sending, receiving, and purchasing cryptocurrencies. The supported assets are stablecoins such as USD Coin (USDC) and popular tokens like Ethereum. Users can make purchases using debit and credit cards, Apple Pay, or directly through Coinbase. 

Currently, the Base support is available in beta and must be manually enabled by users. Phantom emphasizes that this feature remains optional, meaning users interested in Base must adjust their wallet settings to participate in this early rollout phase.

Support for DeFi and NFTs

Besides asset management, Phantom’s wallet users can also engage with decentralized finance (DeFi) applications and non-fungible tokens (NFTs) within the Base network. This feature further integrates Phantom’s services with Base’s growing ecosystem, broadening its usability for those involved in the expanding world of DeFi and NFTs.

Phantom has incorporated security features designed to protect users from potential risks. These include automatic spam detection to filter out malicious tokens and NFTs, along with transaction simulations to flag suspicious activities. Furthermore, the wallet remains compatible with Ledger hardware devices, ensuring an added layer of security for users dealing with sensitive crypto assets.

Phantom was launched in 2021 and soon attracted major attention in the cryptocurrency space. In a Series B funding round, the company raised $109 million, led by Paradigm, boosting its valuation to $1.2 billion. Other investors included Jump Capital, Andreessen Horowitz, and Solana, solidifying Phantom’s place as a prominent player in the crypto wallet arena.

Security Challenges in Blockchain Networks

While Phantom continues to expand its network, the Base layer-2 network faces some growing security challenges. Data from Trugard Labs revealed that over 34,000 high-risk vulnerabilities were detected within Base’s smart contracts during August. Among these, tampering with libraries like SafeMath and malicious checks on token transfers posed significant risks, highlighting the need for enhanced security measures as Base evolves.

Phantom’s introduction of beta support for Base strengthens its position in the crypto space, offering users a seamless way to manage assets across different blockchain networks. With its commitment to security and user experience, Phantom continues to adapt to the growing needs of the cryptocurrency community.