Crypto Updates

Coinbase Reveals New Smart Wallet Platform Offering ‘Gasless On-Chain Experience’

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Coinbase, the largest crypto exchange in the US, has announced the launch of its new smart wallet platform.

In a blog post, Coinbase says the launch will kick off the next chapter in the firm’s Coinbase Wallet product by “revolutionizing the on-chain experience” by getting rid of network fees and recovery phrases.

Says Coinbase,

“Smart wallets offer a streamlined, gasless on-chain experience. This simplicity, combined with multi-chain support and integration with major applications, will make onboarding to the blockchain as effortless as signing into your favorite website.

Until now, going on-chain has been slow, expensive, and hard, with separate wallet app installs and first-generation blockchains. Smart wallets, with their ease of use, paired with next-generation Layer 2 networks like Base, finally set the stage to bring many more people onchain. Now, getting onchain is easy, fast, and cheap.”

Coinbase will be offering a companion web application for the new smart wallet with features like asset and identity management, buy, send, swap, NFTs, and transaction history. The web app will be the primary platform for smart wallet users to manage their wallets.

Once it launches, Coinbase says that smart wallets will initially support eight networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB and Zora, though other chains will be integrated in the future.

The firm is also encouraging developers to integrate smart wallets into their apps by allowing them to earn up to $15,000 in gas credits through the “Base Gasless Campaign” which will essentially allow the sponsorship of their users’ transactions at zero cost.

Says Coinbase,

“Our smart wallets represent a significant leap forward in the world of self-custody and onchain transactions. By addressing the main concerns of traditional self-custody wallets and providing a seamless, secure, and user-friendly experience, smart wallets are poised to transform the way we interact on-chain.

We’re excited for developers and users to take advantage of this new groundbreaking solution, and we believe that simplifying the onboarding experience will lead to widespread adoption.”

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