The US-listed cryptocurrency exchange Coinbase announced on Wednesday the official launch of its new “Smart Wallet,” featuring user-friendly interface, mnemonic-free, gas-free transactions, and other characteristics. The wallet initially supports Ethereum, Base, and 8 other major networks, with plans to provide support for more networks in the future.
Coinbase introduced the Smart Wallet to address the current pain points in the cryptocurrency experience, such as complex onboarding processes, expensive network fees, and mnemonics, making the transition to the chain smoother than ever before. The wallet offers a simple, gas-free on-chain experience, supports multiple chains, integrates major applications, and aims to make blockchain usage as easy as logging into a website.
Coinbase claims that the current on-chain process is slow, expensive, and difficult, requiring separate wallet applications and the use of first-generation blockchain technology. The Smart Wallet is user-friendly, supports next-generation Layer 2 networks like Base, and aims to lay the foundation for more people to engage in on-chain transactions. For existing Coinbase Wallet users, the company plans to build migration tools within the Coinbase Wallet application and support the Smart Wallet in the coming months.
The Smart Wallet allows users to create a free, secure self-custodied wallet in seconds, simplifying the onboarding process, reducing the number of transactions to sign, and enabling users to use Coinbase balances on-chain without the need to recharge gas fees or struggle with cross-application portability. Through the Smart Wallet, users can easily mint NFTs, trade on decentralized exchanges, or diversify investments through DeFi applications, providing a smooth and intuitive experience without sacrificing self-custody or security.
The main advantages of the wallet include:
– Easy onboarding: Create a new wallet and start using it within seconds without leaving the desired application, handling mnemonics, applications, or extensions. Registration can be done using Face ID, Google Chrome profiles, fingerprints, or Yubikey.
– Easy on-chain payments: Use self-custodied wallet balances or Coinbase account balances for payments without encountering insufficient balance errors.
– Cross-application portability: Bring wallets, identities, and balances to thousands of popular on-chain applications.
– Gas-free transactions: Developers can choose to offer a gas-free experience and sponsor customers’ transactions through payment proxies.
Coinbase also offers a web application for the Smart Wallet, including asset and identity management, purchasing, sending, exchanging, NFTs, and transaction history, serving as the primary platform for Smart Wallet users to manage their wallets. The Smart Wallet initially supports Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, Zora, and 8 other networks, with plans to add support for more networks in the future.