Coinbase, the largest cryptocurrency exchange in the United States, has unveiled its new smart wallet platform, marking a significant advancement in its Coinbase Wallet product.
In an official blog post, Coinbase announced that this new platform will redefine the on-chain experience by eliminating network fees and recovery phrases.
”Smart wallets offer a streamlined, gasless on-chain experience,” stated Coinbase. ”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. Until now, going on-chain has been slow, expensive, and complex, requiring separate wallet app installs and first-generation blockchains. Smart wallets, paired with next-generation Layer 2 networks like Base, finally set the stage to bring many more people on-chain. Now, getting on-chain is easy, fast, and cheap.”
Coinbase will also provide a companion web application for the new smart wallet, featuring capabilities such as asset and identity management, buying, sending, swapping, NFTs, and transaction history. This web app will serve as the primary platform for users to manage their smart wallets.
Upon launch, the smart wallet will initially support eight networks: Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, with plans to integrate additional chains in the future.
Furthermore, Coinbase is incentivizing developers to integrate smart wallets into their applications by offering up to $15,000 in gas credits through the ”Base Gasless Campaign,” enabling developers to sponsor their users’ transactions at no cost.
”Our smart wallets represent a significant leap forward in the world of self-custody and on-chain transactions,” Coinbase added. ”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. We’re excited for developers and users to take advantage of this groundbreaking solution, and we believe that simplifying the onboarding experience will lead to widespread adoption.”
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