DeFi as a whole has grown dramatically in recent years thanks to the emergence of numerous innovations in the form of decentralized applications. During the same time period, DeFi cryptocurrency wallets also made progress, with examples like MetaMask and Coinbase Wallet setting the bar.
For instance, MetaMask has transformed from a simple plug-and-play add-on wallet to one of the most well-liked applications in the Ethereum ecosystem, bringing the idea of Web 3.0 closer to reality.
On the other hand, Coinbase Wallet has also made significant advancements by aiming at a general user base that is more concerned with privacy and security. These two wallets are recognized as industry leaders in the area of decentralized finance.
In order to demonstrate how these two DeFi crypto wallets’ utility goes beyond security and control, we will highlight some of their benefits in this article.
Read More: Crypto Compare Guide 2023 – Exchanges, Wallets, Tokens & More
What Is Metamask?
MetaMask is a user-friendly cryptocurrency wallet designed for the Ethereum network. It was developed by ConsenSys in 2016 as a desktop extension and has since evolved to offer a full self-custody experience, including a mobile application.
You can get its mobile application and use it on an iOS or Android device. In addition to Chrome and Firefox, MetaMask is now available on the Brave Browser, Microsoft Edge, and other browsers.
The features that MetaMask offers make working with cryptocurrencies more convenient. This software wallet recently added a feature that enables token swapping directly within the app, without the need to first establish a connection to a decentralized exchange like Uniswap. The feature searches the DeFi market to provide the trader with the best liquidity offer and the lowest fees. As a result, anyone can now exchange tokens from their MetaMask wallet.
Overall, MetaMask is one of the simplest ways to interact with the Ethereum blockchain. Although it is a hot wallet, MetaMask offers integration with hardware wallets like the Ledger Nano for enhanced secure storage of your funds.
What Is Coinbase?
One of the top mobile wallets available on both the Android and iOS app stores is the Coinbase Wallet, a non-custodial or self-custodial wallet. Users should be aware that Coinbase Wallet is different from Coinbase.com.
Read More: Custodial vs Non-Custodial Wallets – Difference & Which One to Choose
While the former stores the user’s private keys on the user’s mobile device, the latter cryptocurrency exchange uses a wallet to do so on a server. Additionally, Google Chrome and Brave support the desktop version of Coinbase Wallet as a browser plugin.
The Coinbase Wallet rose to prominence among investors and cryptocurrency exchanges as a result of its high level of security. The vast majority of Bitcoin investors and traders have tried and tested a number of additional advantages, and it also includes a number of other benefits:
⦁ Coinbase wallet gives its users easy access to over 100 crypto coins
⦁ Low fees are another perk, especially for new users. Simply put, this indicates that users can begin using the wallet even if they are short on money.
Read More: How To Send Ethereum from Coinbase to MetaMask
Similarities Of Coinbase & Metamask
These two well-known cryptocurrency wallets share a number of features in addition to their reputation as beginner-friendly wallets. Some of them are:
- Cryptocurrency owners can access their accounts using different devices while still protecting their private keys by having an account on either of these two services. A defense against hackers is provided by this.
- Ether (ETH) and ERC-20 tokens, which are Ethereum-based coins, can be stored in both MetaMask and Coinbase Wallet. Additionally, they give users access to DeFi services by providing interfaces for interacting with Ethereum-based applications.
- Both of them connect users to Web3.0, a blockchain-based decentralized version of the internet. This is because they both work as browser extensions.
Metamask And Coinbase Wallet Integration And Support Features
Similar to choosing a financial institution for transactions involving real money, trust is essential and crucial when allowing wallets access to cryptoassets. Another option for the cryptocurrency wallet is Coinbase Wallet, despite being a newer company and receiving less support than MetaMask.
Coinbase Wallet
Coinbase Wallet is the brainchild of the Second-largest cryptocurrency trading platform in the world is run by an American company with a public listing called Coinbase. Truthfully, a lot of MetaMask users use Coinbase to trade cryptocurrencies before adding money to their MetaMask wallets.
On almost every platform, including the Mac, iPhone, iPad, Android, and Windows, Coinbase is accessible. A wide range of users will find the service to be ideal given its level of accessibility. Users of computers and laptops can now connect their cryptocurrency wallets on the browser for easier access thanks to a web browser extension provided by Coinbase.
Coinbase is able to offer a more consistent and long-lasting user experience as well as support for asset trading between the exchange and users’ wallets because they have control over both. Additionally, Coinbase is growing its service by preparing to support the NFT Marketplace, which will give its users a more consistent NFT-purchase experience.
Metamask Wallet
While MetaMask only supports networks of the Coinbase Wallet also supports Ethereum Virtual Machine, which are exact replicas of the Ethereum blockchain platform, as well as the networks for Bitcoin, Dogecoin, Litecoin, and other well-known cryptocurrencies. A game changer for some users could be expanded network support, depending on their needs.
However, MetaMask is a SaaS application and is accessible for Android, iPhone, and iPad users. It can therefore be downloaded to phones and used with any operating system, according to this statement. It can also be used as a browser plugin by Metamask users! Users of MetaMask are free to access and manage their accounts whenever they want, from any location.
Which One To Use?
The good news is that both metamask vs coinbase wallets are widely used. Even if Coinbase Wallet is not supported as a first-class authentication option, you can still log in to supported apps using the wallet integration service WalletConnect.
With Coinbase Wallet, you can import a MetaMask wallet if you currently use one and want to switch. The opposite, however, is untrue. MetaMask does not currently support the import of Coinbase Wallet.
The recommendation is to choose MetaMask due to its widespread use in the online community, unless you already adore and are thrilled about the consistent single-platform experience that Coinbase offers. As previously mentioned, if you change your mind, you can always import your MetaMask wallet into Coinbase Wallet.
Why Use Metamask?
There are many different cryptocurrency wallets with various features available if you’re new to cryptocurrencies. As was already mentioned, a Coinbase wallet and a MetaMask wallet differ significantly in that the former is made to store other cryptocurrencies, whereas the latter is designed to store ETH and ERC-20 tokens. The fact that Coinbase wallets connect to the company’s cryptocurrency exchange while MetaMask focuses on use in the Metaverse is another significant distinction.
One of your best options for keeping your digital assets in the Metaverse is storing them in MetaMask, if only because it is compatible. You can think of your MetaMask wallet as a “walking around” wallet for your online explorations. To manage your spending in the Metaverse, you can transfer money from your primary cryptocurrency wallet to MetaMask. By avoiding linking sensitive information like your bank account, your MetaMask wallet will only record P2P transactions. The majority of your tokens are kept in a separate wallet throughout. That could be a hardware wallet, Coinbase, or another online wallet.
Conclusion
Undoubtedly two of the most popular and widely used cryptocurrency wallets currently available are those from Coinbase and Metamask. Overall, both have advantages and disadvantages, but if privacy and anonymity are your primary concerns, you should stick with Metamask. If the customer wants something more akin to a full-fledged platform and privacy is not a major concern, Coinbase is a great option to consider.
Like with anything else connected to the Internet, there is always a chance of an outside intrusion or malicious attack. As a result, it is suggested that users who have a significant amount of cryptocurrencies or other digital assets in their accounts consider purchasing a hardware wallet. In light of the fact that hardware wallets are frequently regarded as the most reliable and durable tool for storing cryptocurrencies and other digital assets.
