Coinbase to Launch User-Friendly Smart Wallet, Promises Seamless Crypto Transactions
Summary:
Coinbase, a prominent cryptocurrency exchange, is set to launch a user-friendly smart wallet. The new wallet aims to simplify onboarding, abolish gas fees and negate the need for recovery phrases. Users can onboard onto a blockchain without a new app or recovery phrase, with security features such as Face ID and fingerprint ID. The smart wallet provides self-custody and accepts payments from the user’s Coinbase account, with developers having the option to waive gas fees. The wallet supports multiple networks including Base, Ethereum, Optimism, Arbitrum, Polygon and more. According to Coinbase, the wallet will offer a smooth experience to users, with access expected in the coming months.
Coinbase, a leading cryptocurrency exchange, is set to introduce a smart wallet. This fresh initiative, known as the Coinbase Wallet, is crafted to provide users with an easier experience by simplifying onboarding, removing gas fees, and eliminating the need for recovery phrases. The concept of smart wallets reduces complex procedures.
Users will be able to set up a new wallet and get started on a blockchain without needing a new app or recovery phrase, courtesy of the smart wallet. Major apps will be incorporated into the smart wallet, utilizing Face ID, Google Chrome profiles of the users, fingerprint ID, or Yubikey for onboarding via a passkey stored on the user's device.
The smart wallet bears a self-custody component and enables payments from a user's Coinbase Wallet or Coinbase account. Developers have the freedom to forego gas fees by backing the transaction via a paymaster, should they wish to. The primary platform for users will be a companion web application, offering asset and identity management, purchasing, sending, swapping, non-fungible tokens, and transaction history. A seamless and intuitive transaction experience is Coinbase's guarantee.
As for inter-operability, Coinbase identifies boundless prospects with Ethereum and USDC. The smart wallet's initial supports will include Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora networks. Users and developers will have free access to the smart wallet. According to a post on Coinbase's Canadian blog, the blend of simplicity, multichain support, and integration with significant apps will make blockchain onboarding as straightforward as logging into your favorite site.
The new wallet will be accessible to current users in the upcoming months once all migration tools get rounded up. The technology behind smart wallets isn't a recent development. Loopring and Argent were the pioneers of the technology back in 2020. Ethereum developer, Vitalik Buterin, supported the idea on his blog the subsequent year, endorsing the "social recovery" features that boost security and eradicate recovery phrases.
The defining technology for Ethereum smart wallets, identified as "account abstraction," was launched with the ERC-4337 standard in March 2023. Buterin restated the perks of the smart wallet in a blog post in June 2023.
Coinbase spring-boarded the offering of smart wallets to developers in March. It was reported that "account abstraction" was boosting the capabilities of Ethereum wallets.
Published At
6/5/2024 8:43:33 PM
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