Coinbase, the leading cryptocurrency exchange in the United States, has introduced its innovative smart wallet platform.
According to a recent blog post by Coinbase, the launch marks a new era for the company’s Coinbase Wallet product, aiming to transform the on-chain experience by eliminating network fees and recovery phrases.
The company explains, “Smart wallets provide a seamless, gasless on-chain experience. This simplicity, along with support for multiple chains and integration with popular applications, will make transitioning to blockchain technology as easy as logging into your favorite website.
Traditionally, entering the blockchain realm has been sluggish, costly, and challenging, requiring separate wallet applications and outdated blockchains. Smart wallets, with their user-friendly interface, along with cutting-edge Layer 2 networks like Base, are paving the way for broader adoption of on-chain transactions. Now, accessing the blockchain is simple, swift, and cost-effective.”
Coinbase will introduce a complementary web application for the new smart wallet, offering features such as asset and identity management, purchasing, sending, swapping, NFTs, and transaction history. The web app will serve as the primary platform for smart wallet users to manage their assets.
Upon launch, smart wallets will initially support eight networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, with plans to integrate additional chains in the future.
Additionally, the company is encouraging developers to incorporate smart wallets into their applications by providing the opportunity to earn up to $15,000 in gas credits through the “Base Gasless Campaign,” which sponsors users’ transactions at no cost.
Coinbase states, “Our smart wallets mark a significant advancement in the realm of self-custody and on-chain transactions. By addressing the major concerns of traditional self-custody wallets and delivering a seamless, secure, and user-friendly experience, smart wallets are set to revolutionize on-chain interactions.
We are eager 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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