Coinbase COIN on Wednesday announced the launch of its highly anticipated smart wallets, aiming to revolutionize the user experience for crypto newcomers.
What Happened: This new feature promises to address longstanding pain points within the crypto space, specifically complex onboarding processes, network fees and recovery phrases.
“These next-generation wallets address the biggest pain points of the crypto experience today,” the company stated, in a blog post. “Smart wallets make the transition to onchain smoother than ever.”
Effortless Onboarding
Coinbase touts its smart wallets as a solution to the cumbersome onboarding process often associated with crypto wallets.
Users can now create a secure, self-custody wallet “in just a few seconds” without needing to download separate apps or struggle with recovery phrases.
Biometric authentication like Face ID or fingerprint scanners will be available for logins.
Saying Goodbye To Gas Fees
Another feature is the elimination of gas fees, a major barrier to entry for many potential crypto users.
Coinbase states that developers can choose to sponsor transactions, offering a “gasless experience” for their customers.
Also Read: Bitcoin Could Go To $500K By October 2025, Says Silicon Valley VC
Cross-App Portability And A Dedicated Webapp
Smart wallets also boast cross-app portability, allowing users to seamlessly navigate different onchain applications with their wallet and balances.
Additionally, a companion web app will serve as the central hub for managing assets, identities and transaction history.
Benefits For Developers
Coinbase is also courting developers with its smart wallet technology.
Integration is said to be straightforward, and existing Coinbase Wallet SDKs can be easily updated.
Developers who integrate smart wallets can qualify for benefits such as the Base Gasless Campaign, offering gas fee sponsorship for users and the Base Buildathon with Ethereum ETH/USD rewards for successful integration.
Focus On User Adoption
The overall focus of Coinbase’s smart wallets appears to be on driving user adoption within the crypto space.
By simplifying onboarding, eliminating gas fees, and offering a more user-friendly experience, Coinbase hopes to attract a broader audience to participate in decentralized applications (dApps) and Web3 functionalities.
Looking Ahead: Benzinga’s Future Of Digital Assets Event
The future of digital assets and the impact of innovations like smart wallets will likely be a key discussion point at upcoming industry events.
The Benzinga Future of Digital Assets conference, taking place on Nov. 19 could offer valuable insights into the evolving landscape and the potential ramifications of user-friendly crypto solutions.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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