American cryptocurrency exchange Coinbase announced the launch of new "Smart Wallets" on Wednesday (5th), hoping to improve the user experience and allow customers to get on the chain more quickly and easily.
The company said in a statement:
“These next-generation wallets solve the biggest pain points of today’s crypto experience—complex onboarding, network fees, and recovery phrases—making the transition to on-chain smoother than ever.”
Coinbase designed this new smart wallet to make it easier for users to get started. The company says new users can now use "Face ID, Google Chrome profile, fingerprint or Yubikey to create a wallet without a recovery phrase."
Source: Coinbase
Coinbase is also trying to solve the annoying problem of users being told that there are insufficient funds available. This new wallet allows users to use their self-hosted wallet balance or Coinbase account balance to pay for on-chain fees to avoid "insufficient balance" conditions. . Coinbase also claims that gas-free transactions will also be possible, and "developers can sponsor transactions through paymaster integration."
Coinbase’s smart wallet supports eight blockchain networks, including Ethereum, Base, Optimism, Arbitrum, Polygon, Avalanche, BNB and Zora, and the company plans to add more supported networks.
The wait is over. Smart wallets are here. pic.twitter.com/jtXUNu1dq3
— Coinbase Wallet (@CoinbaseWallet) June 5, 2024
This article Coinbase launches “smart wallet” that eliminates network fees and mnemonic phrases to improve user experience first appeared on Zombit.
