Quick take:
- Coinbase has unveiled its highly anticipated Smart Wallet, announced earlier this year.
- The company said the wallet is designed to make it easier for non-crypto native users to get started in decentralised finance.
- The Coinbase smart wallet allows users to create a new wallet using Face ID, a Google Chrome profile, or a fingerprint unlock feature among others.
Coinbase has unveiled its highly anticipated Smart Wallet, designed to onboard billions of users to Web3. First announced in February this year, the Coinbase Smart Wallet is made to work across different networks and applications.
The wallet makes the onboarding process of new users to decentralised finance applications easier by allowing users to create a new wallet using Face ID, a Google Chrome profile, or a fingerprint unlock feature among others.
Coinbase has made it its mission to reduce the barriers to Web3. Last year, the company launched a Wallet-as-a-Service solution enabling companies to integrate and deploy self-custody wallets to their platforms easily.
“Until now, going on-chain has been slow, expensive, and hard, with separate wallet app installs and first-generation blockchains,” Coelho-Prabhu wrote in a statement.
But with Coinbase Smart Wallet, users will be able to use a variety of options, including FaceID and social media profiles to create new wallets.
According to the announcement, the Coinbase Smart Wallet also supports gasless transactions, reducing the cost of interacting with Web3 apps.
The wallet allows users to manage all their assets using one profile unless in a fragmented state where they are forced to create a new wallet for every platform they interact with.
“With the smart wallet, users will be able to manage all their crypto assets regardless of the network and application, from a single place,” a statement on the Coinbase Smart Wallet page says.
At launch, the Coinbase Smart Wallet will support 8 networks including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, with more set to be added in the future, the company said in a blog post on Wednesday.
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