The wallet will reportedly make it easier for crypto users to manage their funds
Coinbase recently announced it is launching a smart wallet. The Coinbase Wallet will benefit customers through onboarding, removing gas fees and eliminating the need for recovery phrases.
The crypto exchange’s new smart wallet will allow users to open a new wallet and enter a blockchain without a new recovery phase or downloading another app. The wallet merges with other apps and uses the customer’s Google Chrome profile, fingerprint ID, Face ID, or Yubikey to onboard via a passkey stored on their device.
It will also allow payments from the customer’s Coinbase Wallet or account. Developers can also waive gas fees if the transaction is sponsored through a paymaster. Current users will have access to the new wallet “in the coming months” after migration tools are finalized.
The wait is over. Smart wallets are here. pic.twitter.com/jtXUNu1dq3
— Coinbase Wallet 🛡️ (@CoinbaseWallet) June 5, 2024
Users will employ a companion web app as the principal platform, which offers asset and identity management, transaction history, buying, sending, swapping, and NFTs. Coinbase pledges “a fluid and intuitive experience” when making transactions.
The smart wallet will initially support the Arbitrum, Avalanche, Base, BNB Chain Ethereum, Optimism, Polygon, and Zora networks and is free for developers and users.
In a recent post on its Canadian blog, Coinbase said, “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.”
Smart wallet technology is not new. Loopring and Argent developed the first smart wallet technology in 2020 before Ethereum developer Vitalik Buterin welcomed the design in his blog in 2021, praising the “social recovery” features with no recovery phrases and added security.
Coinbase first started providing the new smart wallet to developers in March.
Emma Rodriguez is the Proofreader at the Big Blind, with seven years of experience and five years in online gambling. She plays a crucial role in maintaining content quality by ensuring error-free, reader-friendly information about the gambling industry.
