- Coinbase, the largest crypto exchange in the United States, has unveiled its groundbreaking smart wallet platform.
- This new development aims to revolutionize the on-chain experience by eliminating network fees and recovery phrases.
- “Smart wallets offer a streamlined, gasless on-chain experience,” says Coinbase, emphasizing the ease of onboarding to the blockchain.
Discover how Coinbase’s new smart wallet platform is set to revolutionize on-chain transactions, making blockchain technology more accessible and user-friendly.
Coinbase Introduces Smart Wallet Platform
In a strategic move to simplify blockchain transactions, Coinbase has launched its new smart wallet platform. Announced via a detailed blog post, the platform aims to enhance the Coinbase Wallet product by eliminating network fees and the need for recovery phrases.
Simplifying the On-Chain Experience
According to Coinbase, smart wallets provide a smooth, gasless on-chain experience. The platform promises multi-chain support and easier integration with major applications, significantly reducing the complexities traditionally associated with blockchain transactions. “Until now, going on-chain has been slow, expensive, and cumbersome, requiring separate wallet app installations and dealing with first-generation blockchains. Smart wallets, through their user-friendly interface and next-gen Layer 2 networks like Base, aim to make on-chain transactions easy, fast, and affordable,” says Coinbase.
Comprehensive Features and Multi-Chain Support
The smart wallet platform will include a companion web application loaded with features such as asset and identity management, buying, sending, swapping, NFTs, and transaction history. Initially, it will support eight networks—Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora—with plans for additional chain integrations in the future.
Encouraging Developer Participation
To foster broader adoption, Coinbase is incentivizing developers to integrate smart wallets into their applications. The “Base Gasless Campaign” offers developers the chance to earn up to $15,000 in gas credits, enabling them to sponsor users’ transactions at no cost. “Our smart wallets represent a significant leap forward in self-custody and on-chain transactions, addressing major concerns while providing a seamless and secure user experience,” explains Coinbase.
Conclusion
Coinbase’s new smart wallet platform marks a significant milestone in the world of blockchain technology. By addressing traditional pain points and simplifying the user experience, the platform is poised to drive widespread adoption of on-chain activities. As Coinbase continues to innovate, the future of blockchain transactions looks more accessible and user-friendly than ever before.
