TLDR
- Coinbase has introduced a smart wallet to enhance the user experience and attract 1 billion users to the blockchain
- The smart wallet simplifies onboarding processes, supports gasless transactions, and allows users to access multiple networks
- Users can create a wallet using various authentication methods and seamlessly use their Coinbase account balances or self-custodial wallet balance for transactions
- The smart wallet currently supports eight networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora
- Coinbase aims to make crypto more accessible and user-friendly through the smart wallet
Coinbase has unveiled its highly anticipated smart wallet, designed to transform the user experience and onboard 1 billion users on-chain. This smart wallet is a game-changer in the crypto space, addressing existing challenges like complex onboarding processes and high network fees.
With the new smart wallet, Coinbase offers users a seamless and intuitive way to create a secure self-custodial wallet in a matter of seconds.
Users have the flexibility to set up their wallets using Face ID, Google Chrome profile, fingerprint, or Yubikey, eliminating the need for traditional recovery phrases. This streamlined onboarding process is expected to simplify the transition to on-chain activities for users.
One of the standout features of the smart wallet is its ability to facilitate gasless transactions.
Developers can leverage paymaster integrations to sponsor user transactions, ensuring a gas-free experience. By removing the barrier of network fees, this feature aims to encourage new users to engage with crypto applications more proactively.
Enhanced User Experience
The smart wallet offers a more user-friendly experience, including:
- Gasless transactions for seamless user interaction
- Support for various authentication methods
- Ability to use Coinbase account or self-custodial wallet balance for transactions
Additionally, users no longer have to worry about fragmented balances across different wallets, as they can effortlessly access and utilize their funds using the smart wallet.
At launch, the smart wallet supports eight networks, providing users with access to a diverse range of options for their transactions. The supported networks include Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, with plans for further expansion in the future.
Coinbase is actively encouraging developers to integrate the smart wallet into their applications, offering incentives such as gas credits and rewards. The integration process is simple, requiring minimal code changes for most applications.
The launch of the smart wallet coincides with the increased activity and interest in Coinbase’s Base layer-2 network, which has witnessed a significant rise in total value locked and has become one of the most profitable L2 networks in the market.
Hot Take
Get ready to experience a seamless and user-friendly crypto journey with Coinbase’s smart wallet. With its innovative features and commitment to accessibility, Coinbase is paving the way for a new era in crypto adoption. Embrace the future of decentralized finance with the smart wallet and enjoy a hassle-free on-chain experience!
Sources:
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