Coinbase Smart Wallets Now Officially Launched for Users

Key Points:

• Coinbase launches smart wallets, revolutionizing the onchain experience by eliminating the need for seed phrases and dedicated applications.
• Coinbase smart wallets simplify onboarding with seamless, gasless transactions and cross-app portability.
• Biometric Passkeys enhance security, while developers can utilize gas credits to sponsor transactions.

Coinbase, a leading cryptocurrency exchange, unveiled its latest innovation on Wednesday with the launch of smart wallets.

Coinbase Smart Wallets Introduced to Users

The development marks a significant step forward for Coinbase Wallet, aiming to simplify onboarding processes and eliminate barriers for users entering the world of blockchain.

The Coinbase smart wallets promise to revolutionize the onchain experience by removing the need for seed phrases, browser extensions, or dedicated applications. It seeks to make crypto more accessible by providing seamless, gasless transactions and cross-app portability.

Siddharth Coelho-Prabhu, senior director of product management at Coinbase, highlighted the simplicity of creating a free, secure, self-custody wallet in just a few seconds, emphasizing the reduction in transaction steps and the seamless integration with Coinbase balances.

Enhanced Security and Developer Incentives Drive Coinbase’s Smart Wallet Initiative

Unlike traditional wallets that rely on passwords or seed phrases for recovery, Coinbase smart wallets employ industry-standard Passkeys and a web portal for connection to various blockchain networks. These Passkeys often incorporate biometric identification, such as facial recognition or fingerprint scanning, to enhance security and streamline the user experience.

Introducing Coinbase smart wallets aligns with the exchange’s goal of bringing over a billion users onto the blockchain. Additionally, developers can now leverage gas credits provided by Base to sponsor transactions for their applications’ users, further incentivizing adoption and innovation within the ecosystem.

With this move, Coinbase aims to simplify the onboarding process for new users and broaden access to cryptocurrency wallets. The initiative also underscores the company’s commitment to fostering a more inclusive and user-friendly blockchain environment.