- Coinbase’s new Smart Wallet simplifies DeFi access with Passkeys and a web portal, supporting multiple networks like Ethereum and Polygon.
- The Smart Wallet allows wallet creation via Face ID, Google Chrome profiles, Yubikey, and more, improving user experience.
- Gasless transactions in the Smart Wallet are enabled through “paymaster” sponsorships, reducing user fees and promoting global crypto usage.
Coinbase, one of the major cryptocurrency exchanges in the U.S., recently unveiled the long-awaited Smart Wallet. The goal of this release is to remove the barrier to entry for new users in the decentralized finance (DeFi) industry.
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The Smart Wallet, which was first unveiled at ETHDenver in February, provides a less complicated substitute for the traditional recovery phrases, applications, and extensions that are normally required for DeFi services. It streamlines the user experience by making use of industry-standard Passkeys and a companion web portal.
Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora are among the networks that the Smart Wallet is compatible with at launch. This new wallet fixes several problems that DeFi users, especially new ones, have had in the past.
According to a senior director at Coinbase, implementing blockchain technology has historically been a difficult, expensive, and time-consuming process. By enabling users to create wallets using Face ID, a Google Chrome profile, Yubikey, fingerprint unlock, or Face ID, the Smart Wallet modifies this.
Additionally, the Smart Wallet addresses the fragmentation challenge brought on by having to manage multiple wallets in order to use different cryptocurrency apps. Users can now use the balances in their self-custodial wallets or Coinbase accounts to facilitate transactions.
Coinbase is offering up to $15,000 in gas credits as an incentive through the Base Gasless Campaign and other On-Chain Summer contests to crypto developers who incorporate the smart wallet into their apps. One remarkable aspect of Smart Wallets is their ability to facilitate gasless transactions through “paymaster” sponsorships. Coinbase hopes to draw more people into the cryptocurrency space by lowering the cost and increasing the accessibility of DeFi.
The launch of the Smart Wallet by Coinbase is a big step towards the goal of making DeFi access easier for new users. The decentralized finance environment is anticipated to improve in efficiency and accessibility as more developers incorporate this tool, which will help both inexperienced and experienced users.
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