Coinbase Rolls Out Smart Wallet, Targets Wider Adoption

Digital asset exchange, Coinbase has introduced its smart wallet to users with plans to onboard new users seamlessly alongside other perks. This comes following more innovations in the crypto space targeting speed, security, and interoperability. The anticipation for the smart wallet led to an increased transaction around the ecosystem with surging numbers on the layer 2 network, Base.

Coinbase Announces Smart Wallet

Coinbase unveiled its much anticipated smart wallet today meant to revolutionize on-chain activities, removing recovery phrases among others. According to the company, the wallet solves complex onboarding, network fees, and recovery phrases aiming to onboard 1 billion users on-chain.

The wait is over. Smart wallets are here. pic.twitter.com/jtXUNu1dq3

— Coinbase Wallet 🛡️ (@CoinbaseWallet) June 5, 2024

Coinbase smart wallet will offer users gas gasless on-chain experience coupled with multi-chain integrations making transactions less expensive. 

“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 on-chain. Now, getting on-chain is easy, fast, and cheap. 

The gasless experience caught the attention of many users with the Exchange noting that devs can offer the feature by utilizing paymaster integrations to sponsor customer transactions. The wallet also allows passkeys while removing the hassle of phrases. Furthermore, smart wallets allow users to buy and trade non-fungible tokens (NFTs) or other interactions with decentralized protocols with a few clicks. 

Per the statement, the exchange will build migration tools supporting smart wallet inside the Coinbase Wallet app for existing users.

Base Records Upticks

Coinbase layer 2 network, Base has seen increasing numbers as its total value locked (TVL) hit an all-time high. At press time, Base TVL stands above $1.771 billion marking a 1.5% boost in the last 23 hours. Top protocols include Aerodrome, Uniswap, and Extra Finance. The surge comes as traders anticipated the release of the smart wallet. With the current crypto asset price surge, users anticipate more inflows. 

Also Read: SEC Chair Gensler Hints at Slower S-1 Approval for Ethereum ETFs