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The popular US-based cryptocurrency exchange Coinbase has announced the release of a new smart wallet technology, which represents a major improvement over its Coinbase Wallet offering.
Coinbase explained how the new smart wallets are meant to transform the on-chain experience in a recent blog post. Through the removal of network fees and recovery terms, smart wallets ensure a smooth and intuitive experience while utilizing blockchain technology.
Coinbase highlighted, “Smart wallets offer a streamlined, gasless on-chain experience. This simplicity, combined with multi-chain support and integration with major applications, will make onboarding to the blockchain as effortless as signing into your favorite website.”
Previously, on-chain activities were often slow, costly, and complex, involving separate wallet apps and outdated blockchains. Smart wallets, enhanced by next-generation Layer 2 networks like Base, promise to change this by making blockchain access easy, fast, and affordable.
Coinbase is introducing a companion web application for the smart wallet. This app will include features such as asset and identity management, buying, sending, swapping, NFTs, and transaction history. It will serve as the main platform for users to manage their smart wallets.
At launch, the smart wallets will support eight networks: Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, with plans to add more chains in the future.
To encourage developer participation, Coinbase is offering incentives through the “Base Gasless Campaign.” Developers can earn up to $15,000 in gas credits, allowing them to sponsor user transactions at no cost, promoting integration of smart wallets into various applications.
Coinbase emphasized the groundbreaking nature of this innovation, stating, “Our smart wallets represent a significant leap forward in the world of self-custody and onchain transactions. By addressing the main concerns of traditional self-custody wallets and providing a seamless, secure, and user-friendly experience, smart wallets are poised to transform the way we interact on-chain.”
The company is enthusiastic about the potential for developers and users to leverage this new solution. Simplifying the onboarding experience is expected to lead to widespread adoption, fundamentally changing how people engage with blockchain technology.