Coinbase, which has been touted by the media as the New York Stock Exchange of the crypto community, announced on Oct. 26th the addition of new features on Coinbase Pro designed to improve security and usability. Coinbase Pro was announced on May 23rd as an upgrade of the now-defunct GDAX platform. Linda Xie, the product manager at Coinbase Pro remarked:
“We’re committed to being the safest, most trusted and easiest to use platform for trading cryptocurrencies, and these new updates are one more step along this journey.”
Coinbase Pro’s New Features
Coinbase added two main features; the address book and crypto address whitelisting. The two features complement each other very well because they improve the user experience while enhancing security.
The new address book allows all users of the platform to “store any number of addresses.” The feature makes it easier and safer for Coinbase users to send crypto to only the addresses they “know and trust.” This removes the manual process of looking up, copying, and pasting addresses before withdrawing crypto.
Users can search for their addresses in the search bar (using the first few characters or nickname), and the search will be auto-completed by the Address Book. The new address can then be saved in the Address Book.
The second feature, the crypto address whitelisting is an optional feature within the address book. Whitelisting restricts users to send crypto to addresses that are only whitelisted in the address book. To add an additional layer of security, adding new addresses to the address book is delayed by 48 hours, the same time it also takes to disable the new feature.
Coinbase is constantly adding new features to its platforms. A few weeks ago, the cryptocurrency exchange added the Coinbase bundle, a new feature for attracting investors to crypto.