Coinbase has introduced “smart wallets,” aimed at easing the entry into blockchain activities by eliminating complex processes and high fees associated with traditional crypto wallets. This new offering seeks to onboard over one billion users through simplified, gasless transactions and multi-chain support.
Coinbase Launches ‘Smart Wallets’ in Bid to Simplify Crypto Onboarding
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Coinbase Introduces ‘Smart Wallets’
On June 5, 2024, Coinbase introduced its “smart wallets” campaign calling it a “new era” in crypto wallets. According to the firm, smart wallets promise a hassle-free transition to blockchain operations by integrating with leading applications and supporting multiple networks including Ethereum and Base. Coinbase claims the new product reduces the typical barriers such as network fees and recovery phrases.
Instead of relying on a traditional seed phrase, Coinbase’s smart wallet system utilizes passkeys. These passkeys, mainly used on smartphones and other devices, employ public key cryptography to bolster security and simplify the login experience. The smart wallets allow for the immediate creation of wallets and feature capabilities such as direct payments from Coinbase balances, addressing the frequent problem of insufficient funds during transactions.
Moreover, with initiatives like the Base Gasless Campaign, which provides up to $15,000 in gas credits, Coinbase is actively promoting the adoption of this new system among wallet developers. This system is already integrated with leading wallet libraries and aggregators. For current users of Coinbase Wallet, the company is developing tools and support within the Coinbase Wallet app to facilitate the transition to smart wallets in the near future.
Additionally, Coinbase said it is offering a companion webapp that incorporates functions such as asset and identity management, as well as options to buy, send, swap, non-fungible tokens ( NFTs), and monitor transaction history, making it the central platform for smart wallet users to manage their accounts.
What do you think about the Coinbase smart wallets launch? Share your thoughts and opinions about this subject in the comments section below.
