Coinbase, the largest cryptocurrency exchange in the US, has announced the launch of its new smart wallet platform.
In a blog post, Coinbase say the launch will mark the start of the next chapter in the company’s Coinbase Wallet product by “revolutionizing the on-chain experience” by doing away with network fees and recovery phrases.
Says Coinbase,
“Smart wallets offer a streamlined, gas-free chain experience. This simplicity, combined with multi-chain support and integration with major applications, will make onboarding to the blockchain as effortless as logging into your favorite website.
Until now, going on-chain has been slow, expensive and difficult, with separate wallet app installations and first-generation blockchains. Smart wallets, with their ease of use, combined with next-generation Layer 2 networks like Base, have finally paved the way to bringing many more people into the chain. Now it’s easy, fast and cheap to go onchain.”
Coinbase will offer a companion web application for the new smart wallet with features such as asset and identity management, buying, sending, exchanging, NFTs and transaction history. The web app will be the primary platform through which smart wallet users can manage their wallets.
Once it launches, Coinbase says smart wallets will initially support eight networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB and Zora, although other chains will be integrated in the future.
The company is also encouraging developers to integrate smart wallets into their apps by allowing them to earn up to $15,000 in gas credits through the “Base Gasless Campaign,” which essentially allows for the sponsorship of their users’ transactions at no cost .
Says Coinbase,
“Our smart wallets represent a significant leap forward in the world of self-custody and onchain transactions. By addressing the key issues of traditional self-custody wallets and providing a seamless, secure and user-friendly experience, smart wallets are poised to transform the way we interact online.
We are excited that developers and users can benefit from this new breakthrough solution, and we believe simplifying the onboarding experience will lead to widespread adoption.”
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