Leading cryptocurrency exchange Coinbase announced the launch of its new smart wallet, aiming to simplify user onboarding and streamline crypto transactions. This innovative wallet eliminates the need for gas fees and cumbersome recovery phrases, often considered barriers to entry for new crypto users.
Unlike traditional wallets, the Coinbase smart wallet bypasses the complexities associated with creating a new wallet and joining the blockchain. No additional app downloads or recovery phrases are required. Instead, users seamlessly integrate with major apps, by using existing identification methods like Face ID or fingerprint scanners for secure onboarding through a passkey stored on their devices.
The smart wallet offers self-custody, allowing users complete control over their crypto assets. Additionally, it integrates with both the user’s existing Coinbase account and Coinbase Wallet, enabling seamless payments and transfers. Developers have the option to sponsor transactions, waiving gas fees for users.
Coinbase promises a smooth and intuitive experience with a companion web app serving as the primary platform. This app empowers users to manage assets and identities, buy, send, swap cryptocurrencies, explore NFTs, and track transaction history.
At launch, the smart wallet supports a wide range of major blockchain networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora. This broad compatibility caters to diverse user needs. Notably, the smart wallet is free for both users and developers.
