Coinbase Introduces Smart Wallet Solution
Date: 2024-06-06 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Cryptocurrency exchange Coinbase announced the launch of a new service called Smart Wallet. This solution aims to create non-custodial crypto wallets that provide security and ease of use for users.
Simplicity and Security
Smart Wallet from Coinbase allows users to create a non-custodial crypto wallet quickly and easily. In a statement, the company's director of product management, Siddharth Coelho-Prabhu, emphasized that the new service provides the opportunity to create a free and secure wallet in a few seconds. “Coinbase Smart Wallets simplify registration, reduce the number of signed transactions, and provide easy access to the assets in your exchange account,” Coelho-Prabhu said.
Smart Wallet will work on a number of popular blockchain networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB and Zora. Coinbase has also promised to expand this list in the future to cover even more networks and provide users with more options.
Integration with Coinbase Wallet
The new smart wallet will be integrated into the existing Coinbase Wallet app. Users can easily switch to the new format by using support for Face ID, Google Chrome profile, fingerprint or Yubikey account for identification when creating a wallet.
One of the key features of the new solution is support for gas-free transactions. This is made possible by the integration of Paymaster smart contracts, which allow developers to cover user transfer fees as an incentive. This feature makes using the wallet even more convenient and economical for users.
Accessibility and Guidelines for Developers
The new solution is already available in several aggregators, including WAGMI, Web3Modal, Privy, Dynamic and Rainbowkit. Coinbase recommends that developers update the Coinbase Wallet SDK stack to take full advantage of the new smart wallet.
The launch of Coinbase's Smart Wallet represents an important step in the development of crypto wallets. The new solution combines ease of use, security and support for gas-free transactions, making it attractive to a wide range of users. Integration with popular networks and support in the Coinbase Wallet application will ensure convenience and accessibility of new features for all platform users.
