Coinbase, the leading US-based cryptocurrency exchange, has introduced its new smart wallet platform, marking a significant advancement in its Coinbase Wallet product. The platform aims to simplify on-chain experiences by eliminating network fees and recovery phrases.
According to Coinbase, smart wallets promise a hassle-free on-chain experience, free from gas fees, and with support for multiple chains and integration with major applications. This user-friendly approach is expected to make blockchain onboarding as easy as logging into a familiar website.
The launch addresses previous challenges of slow and costly on-chain transactions, offering a seamless experience through next-generation Layer 2 networks like Base. Coinbase's smart wallets initially support eight networks, with plans for more integrations in the future.
Coinbase is also incentivizing developers to integrate smart wallets into their apps by offering gas credits worth up to $15,000 through the "Base Gasless Campaign," effectively sponsoring users' transactions at no cost.
In summary, Coinbase believes that smart wallets mark a significant advancement in self-custody and on-chain transactions, offering a secure and user-friendly experience that could drive widespread adoption in the crypto space.
June 2024, Cryptoniteuae