Coinbase, the leading cryptocurrency exchange in the United States, has unveiled its innovative smart wallet platform.
In a recent blog post, Coinbase announced that the launch of this new platform will mark a significant milestone for their Coinbase Wallet product, aiming to transform the on-chain experience by eliminating network fees and recovery phrases.
According to Coinbase, “Smart wallets provide a seamless, gas-free on-chain experience. This simplicity, along with support for multiple chains and integration with popular applications, will make transitioning to blockchain as easy as logging into your favorite website.
Until now, on-chain transactions have been slow, costly, and complex, requiring separate wallet apps and outdated blockchains. Smart wallets, with their user-friendly interface and compatibility with next-generation Layer 2 networks like Base, are finally making it easier to onboard more individuals onto the blockchain. Now, accessing the blockchain is simple, quick, and affordable.”
Coinbase will introduce a companion web application for the smart wallet, offering features such as asset and identity management, buying, sending, swapping, NFTs, and transaction history. The web app will serve as the primary platform for smart wallet users to manage their assets.
Upon its release, Coinbase mentioned that smart wallets will initially support eight networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, with plans to integrate other chains in the future.
The company is also encouraging developers to incorporate smart wallets into their applications by offering up to $15,000 in gas credits through the “Base Gasless Campaign,” allowing them to sponsor their users’ transactions at no cost.
According to Coinbase, “Our smart wallets mark a significant advancement in self-custody and on-chain transactions. By addressing the main concerns of traditional self-custody wallets and providing a seamless, secure, and user-friendly experience, smart wallets are set to revolutionize how we engage on the blockchain.
We are excited for developers and users to leverage this innovative solution, and we believe that simplifying the onboarding process will lead to widespread adoption.”
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