Key Takeaways:
- Gas-Free and Simplified Onboarding: Coinbase’s new smart wallet enhances user convenience and security by eliminating gas fees and simplifying the onboarding process.
- Multi-Blockchain Support: The wallet supports Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB Chain, and Zora, offering a broad range of network integrations.
- Advanced Security with ERC-4337: Utilizing “account abstraction” technology from the ERC-4337 standard, the wallet improves security and usability, incorporating features like “social recovery.”
Coinbase is launching a new smart wallet designed to enhance user convenience and security by eliminating gas fees and simplifying the onboarding process.
The wallet allows users to create a new wallet and start using blockchain without needing a new app or recovery phrase, integrating with major apps and using passkeys stored on devices for authentication.
The wait is over. Smart wallets are here. pic.twitter.com/jtXUNu1dq3
— Coinbase Wallet 🛡️ (@CoinbaseWallet) June 5, 2024
The wallet supports multiple blockchain networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB Chain, and Zora, and will be free for both users and developers.
A companion web app will facilitate asset management, transactions, and more. Current users can start using the new wallet in the coming months.
Coinbase’s smart wallet utilizes “account abstraction” technology from the ERC-4337 standard, enhancing security and ease of use.
This technology, introduced by Loopring and Argent in 2020, was further developed by Ethereum’s Vitalik Buterin, who highlighted its “social recovery” features.
Celebrate the launch of smart wallets with a free commemorative mint. If you mint with a smart wallet, we'll even cover the gas.
— Coinbase Wallet 🛡️ (@CoinbaseWallet) June 5, 2024
→ https://t.co/RkUmpIYPZh pic.twitter.com/bELGpLpHib
Coinbase has been offering smart wallets to developers since March 2023.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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