Coinbase’s new “smart wallets” aim to onboard over one billion users by simplifying blockchain activities with gasless transactions and multi-chain support.
Coinbase has implemented “smart wallets” to simplify the process of participating in blockchain activities by eradicating the high fees and intricate procedures that are typically associated with conventional crypto wallets.
Through multi-chain support and simplified, gasless transactions, this new offering aims to enroll more than one billion users.
Coinbase launched its “smart wallets” campaign on June 5, 2024, describing it as a “new era” in crypto wallets. The company asserts that smart wallets guarantee a seamless transition to blockchain operations by integrating with top-tier applications and supporting a variety of networks, such as Ethereum and Base. Coinbase asserts that the new product mitigates conventional obstacles, including network fees and recovery phrases.
Coinbase’s smart wallet system employs passkeys in place of conventional seed phrases. Public key cryptography is implemented by these passkeys, which are primarily employed on smartphones and other devices, to enhance security and streamline the authentication process.
Smart wallets allow for the immediate creation of wallets and offer capabilities such as direct remittances from Coinbase balances, thereby addressing the frequent issue of insufficient funds during transactions.
Furthermore, Coinbase is actively encouraging the adoption of this new system among wallet developers through initiatives such as the Base Gasless Campaign, which offers up to $15,000 in gas credits.
This system has already been incorporated with the most prominent wallet libraries and aggregators. To facilitate the transition to smart wallets shortly, the company is developing tools and support within the Coinbase Wallet software for current users.
Furthermore, Coinbase announced that it is providing a companion web application that includes asset and identity management, as well as the ability to purchase, send, swap, and monitor transaction history. This application will serve as the primary platform for smart wallet users to manage their accounts.
