KEY FACT: Coinbase has launched its much anticipated smart wallet to ease crypto onboarding experience. The company plans to onboard 1 billion users on-chain alongside other benefits. The anticipation of the smart wallet led to a surge in Base TVL.
Created on Corel Paint, Image source: Coinbase
Coinbase Launches Smart Wallet
Digital asset exchange, Coinbase, has introduced and launched a new smart wallet to make cryptocurrency onboarding experience easier. The new Coinbase Wallet will offer users greater convenience through onboarding, eliminating gas fees, and making seed/recovery phrases unnecessary. The smart wallet will be free for both users and developers.
Coinbase unveiled this much anticipated smart wallet today and proposes that it will revolutionize on-chain activities. The announcement was made through a post on X, which has received massive engagement and excitement from its customers.
The wait is over. Smart wallets are here.- Source
Coinbase Smart Wallet will Ease Crypto Onboarding
According to the company, the wallet is meant to solve complex onboarding, network fees, and recovery phrases issues to onboard 1 billion users on-chain. This comes following more innovations in the crypto space emphasizing the need for high speed, security, and interoperability.
The smart wallet will allow users to create a new wallet and onboard onto a blockchain without downloading a new app or receiving a new recovery phrase. The company said the smart wallet will integrate with major apps and new users can now create a wallet with "Face ID, Google Chrome profile, fingerprint, or Yubikey. A passkey stored on users’ devices, will be used to access the smart wallet.
The smart wallet will have self-custody and permit payments from the user’s Coinbase Wallet or Coinbase account. The design of the smart wallet provides that developers will waive gas fees by sponsoring the transaction through a paymaster if they choose to.
The user’s primary platform will be a companion web app that offers asset and identity management, buying, sending, swapping nonfungible tokens, and transaction history. Coinbase promises “a fluid and intuitive experience” throughout those transactions.
Created on Corel Paint, Image source: Coinbase Video
The anticipation for the smart wallet led to an increased transaction around the ecosystem with surging numbers on the layer 2 network, Base.
Coinbase's smart wallet will support the Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora networks at this initial stage. In a blog post, Coinbase harps that its smart wallet will make crypto onboarding seamless.
“This simplicity, combined with multi-chain support and integration with major applications, will make onboarding to the blockchain as effortless as signing into your favorite website.”
The current users will be able to use the smart wallet all migration tools will be finalized in the coming months.
Smart wallet technology has become a thing and it looks like an innovation in the blockchain space that would be well appreciated.
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Everyday new things are sprouting in the world of cryptocurrency. Smart wallet will ease a lot of work in crypto and a tool to navigate cryptocurrencies. Thank you for sharing with us.
Great you're reading and learning...
I like how you keep updating us on the current wallets and issues in the cryptocurrency world. Thanks for the update.