What you should know about Coinbase Wallet
- Full Self-Custody: You have absolute control over your private keys, but this means you are solely responsible for your security; if you lose your 12-word recovery phrase, your funds are gone forever.
- Not the Same as the Exchange: Unlike the main Coinbase exchange, this wallet is non-custodial and is not covered by any exchange insurance or reimbursement policies.
- Web3 & DApp Hub: It serves as a gateway to decentralized finance (DeFi), NFTs, and thousands of tokens across multiple blockchains like Ethereum, Solana, and Base.
- Security Trade-offs: While it supports biometric locks and cloud backups, your security is only as strong as your device or the cloud account (Apple/Google) you use for backups.