Coinbase Teases Potential Launch of Smart Wallet

Coinbase, one of the leading cryptocurrency exchanges, has introduced a smart wallet with universal compatibility available on testnet. The smart wallet is meant to provide a seamless and secure experience for users on the platform.

In an X post, Coinbase shared some of the key features with members of its community assuring that there are incentives offered to early adopters. The platform also provides exclusive sessions for developers.

Key Functionalities of the Smart Wallet

The new Coinbase smart wallet which is currently being previewed on testnet will be available to users on mainnet by the end of June amid the exchange’s expansion plans. This move is consistent with Coinbase’s philosophy of expansion as it recently extended its digital asset project by integrating with Meta to expand NFT features to 100 countries across Africa, Asia-Pacific, the Middle East, and the Americas.

Unlike traditional wallets that require browser extensions or complex app installations, this Coinbase smart wallet offers a streamlined sign-in process using passkeys with enterprise-grade security. The feature eliminates the need for intricate seed phrases and makes for seamless use.

Coinbase is also providing perks like gas credit and exclusive developer sessions for those onboarding to the smart wallet. This wallet is Coinbase’s way of extending its innovation lead in the highly competitive and expanding industry.

Coinbase Universal Smart Wallet

Other features of the smart wallet include broad compatibility and network support, enhanced user experience, easy integration, and easy access to Coinbase balances.

The Coinbase smart wallet is designed to work universally across major Layer 2 (L2) networks and onchain applications. It currently supports seven networks, including Base, Optimism, Ethereum, Arbitrum, Polygon, Avalanche, and BNB. Coinbase has plans to expand this support to other networks in the future.

This smart wallet offers several unique features to improve user experience and make interactions with decentralized applications (dApps) easier through quick Integration into existing systems making for a simplified onboarding process for developers.

The wallet employs enterprise-grade security through passkeys, reducing the hassle of complex seed phrases and enhancing security. Additionally, it simplifies gasless experiences, making it easier for users to interact with various decentralized platforms.