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

Crypto exchange Coinbase Global Inc (NASDAQ: 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 (CRYPTO: ETH) ecosystem.

 More access to blockchain data

Our integration with @etherscan, the leading blockchain explorer, search, api and analytics platform for Ethereum is now complete! pic.twitter.com/iKmw7D8378

— Coinbase Wallet (@CoinbaseWallet) August 15, 2022

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.

This.. what would happen if Etherscan was hacked or poisoned? 
It's not that it never happened  https://t.co/WFqtjV8JpU

— 23pds (@IM_23pds) August 16, 2022

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 (CRYPTO: DOGE) 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.