Coinbase, a U.S.- listed cryptocurrency exchange , announced on Wednesday the launch of a new product, “Smart Wallets,” which aims to solve the biggest pain points in the current cryptocurrency experience: complex onboarding processes, expensive network fees and seed phrase. The transition to on-chain is smoother than ever.
Coinbase stated that the smart wallet provides a simple, gas-free on-chain experience, supports multiple chains, and integrates major applications, making using the blockchain as easy as logging into a website.
Coinbase claims that the current on-chain process is slow, expensive and difficult, requiring a separate wallet application and using first-generation blockchain technology. However, the wallet is extremely easy to use and supports next-generation Layer 2 networks such as Base. In order to allow more It lays the foundation for multiple people to receive on-chain transactions.
For existing Coinbase wallet users, officials stated that they will build a migration tool in the Coinbase wallet application and support smart wallets in the next few months.
Make on-chain transactions easier
Coinbase stated in a statement that Smart Wallet allows users to create a free, secure self-hosted wallet in seconds. This wallet simplifies the onboarding process, reduces the number of transactions that need to be signed, and allows users to use Coinbase balances on the chain, no longer need to Struggling with gas charges or portability across apps.
Through this smart wallet, users can mint NFTs, trade on decentralized exchanges, or diversify their investments through DeFi applications with just a few clicks of the mouse. The wallet allows users to enjoy a smooth and intuitive experience without sacrificing their own Hosting or security.
The main advantages of this wallet include:
- Easy to get started: Create a new wallet and get started in seconds without leaving the app you want to use or dealing with seed phrase, apps or extensions. Register using Face ID, Google Chrome profile, fingerprint or Yubikey.
- Easy on-chain payments: Pay with your self-hosted wallet balance or Coinbase account balance and never encounter an insufficient balance error again.
- Cross-application portability: Bring wallets, identities, and balances to thousands of popular on-chain applications.
- Gas-free transactions: Developers can choose to provide a gas-free experience and integrate services through payment agents to sponsor customers' transactions.
Coinbase also provides a smart wallet web application that includes asset and identity management, purchase, send, exchange, NFT and transaction history functions, which will become the main platform for smart wallet users to manage their wallets.
Coinbase's smart wallet initially supports 8 networks including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, and plans to add support for more networks in the future.
