Home Editor's Pick Coinbase Introduces Smart Wallet: Gasless Transactions & Multi-Chain Support

Coinbase Introduces Smart Wallet: Gasless Transactions & Multi-Chain Support

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TLDR

Coinbase launches a smart wallet that offers a more user-friendly experience, eliminating the need for recovery phrases and separate wallet app installs
The smart wallet allows for gasless transactions through paymaster integrations, where developers can sponsor user transactions
Users can create a wallet using Face ID, Google Chrome profile, fingerprint, or Yubikey, and can use their Coinbase account balances or self-custodial wallet balance for transactions
The smart wallet supports eight networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, with plans to add more
Coinbase aims to onboard 1 billion users on-chain with the smart wallet, as part of its mission to make crypto more accessible and user-friendly

Coinbase has launched its much-anticipated smart wallet, aiming to revolutionize the user experience and onboard 1 billion users on-chain. The smart wallet addresses several pain points in the current crypto landscape, such as complex onboarding processes, network fees, and the need for recovery phrases.

The Coinbase smart wallet offers users a more streamlined and user-friendly experience, allowing them to create a secure, self-custody wallet in just a few seconds.

Users can set up their wallets using Face ID, Google Chrome profile, fingerprint, or Yubikey, eliminating the need for traditional recovery phrases. This simplified onboarding process is expected to make the transition to on-chain activities smoother than ever.

One of the most significant features of the smart wallet is its ability to facilitate gasless transactions.

Developers can integrate paymaster functionality, enabling them to sponsor user transactions and provide a gas-free experience. This feature aims to remove the barrier of network fees, which can often deter new users from engaging with crypto and decentralized applications.

With Coinbase smart wallets, onboarding is now as effortless as signing into your favorite website.

⤷ Gasless transactions
⤷ Cross-app portability
⤷ Coinbase balance support
⤷ Passkeys instead of seed phraseshttps://t.co/owx7vY5Oyx pic.twitter.com/n0S5iGjM1S

— Coinbase Wallet ????️ (@CoinbaseWallet) June 5, 2024

The smart wallet also addresses the issue of fragmented user balances across multiple wallets. Users can now seamlessly use their Coinbase account balances or self-custodial wallet balance for transactions, avoiding “insufficient balance” errors and providing a more unified experience.

At launch, the Coinbase smart wallet supports eight networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, with plans to add more in the future.

This multi-chain support, combined with the wallet’s ease of use, is expected to attract a wider audience to the world of crypto and decentralized finance.

Coinbase is actively encouraging developers to integrate the smart wallet into their applications, offering incentives such as gas credits and other rewards through their On-Chain Summer campaign.

The company believes that the integration process is straightforward, requiring only a few lines of code in most cases.

The launch of the Coinbase smart wallet comes at a time when the company’s layer-2 network, Base, has seen a surge in total value locked (TVL) and has emerged as the most profitable L2 network. The anticipation surrounding the smart wallet has likely contributed to this increased activity and interest in the Base ecosystem.

The post Coinbase Introduces Smart Wallet: Gasless Transactions & Multi-Chain Support appeared first on Blockonomi.

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