- Coinbase has launched a smart contract wallet with simpler onboarding and no gas fees.
- The smart contract wallet supports Ethereum, BNB, Polygon, etc. for smooth transactions.
- Developers using smart contract wallets can waive gas fees.
In an effort to improve user experience and simplify cryptocurrency trading, Coinbase, one of the leading cryptocurrency exchanges, has unveiled its latest innovation, the Coinbase Smart Contract Wallet.
The groundbreaking smart wallet promises to revolutionize the way users interact with cryptocurrencies by eliminating gas fees and simplifying the onboarding process.
Key features of Coinbase smart contract wallet
Unlike traditional wallets that require users to manage complex recovery phrases and cover gas fees for transactions, Coinbase smart contract wallets provide a seamless and cost-effective solution.
One of the key features of smart contract wallets is a simplified onboarding process. Users can create new wallets and onboard them to the blockchain without having to download additional apps or manage recovery phrases. Instead, the smart wallet integrates seamlessly with major applications and offers a variety of authentication methods, including Face ID, fingerprint ID, and Yubikey.
Smart wallets also guarantee self-custody, giving users full control over their funds. Users can pay directly from their Coinbase Wallet or Coinbase account, further improving convenience and accessibility.
Another notable aspect of the Coinbase smart contract wallet is its integration with major blockchain networks.
At launch, the wallet supports a variety of networks including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB Chain, and Zora. This multi-chain support gives users access to a wide range of cryptocurrencies and decentralized applications (DApps) within a single platform.
Additionally, Coinbase introduced a unique feature that allows developers to waive gas fees by sponsoring transactions through Paymaster. This encourages developers to support smart wallet adoption and contribute to a more seamless user experience.
The companion web app serves as the primary platform for users and provides comprehensive asset and identity management, as well as features such as buy, send, exchange, NFTs, and transaction history.
Coinbase aims to provide users with a flexible and intuitive experience throughout their interactions with smart wallets.
Loopring and Argent pioneered smart contract wallets.
Coinbase is not the first to launch a smart contract wallet. It builds on the growing trend of smart wallet technology in the cryptocurrency space.
Smart contract wallet technology was pioneered by companies such as Loopring and Argent. The wallet offers improved security, usability, and cost-effectiveness compared to traditional wallet solutions.