The American cryptocurrency exchange Coinbase announced on Wednesday (5th) the launch of a new “Smart Wallets” in hopes of improving user experience, allowing customers to onboard more quickly and easily.
In a statement, the company stated that Coinbase designed this new smart wallet with the idea of making it easier for users to get started. The company mentioned that new users can now create a wallet using “Face ID, Google Chrome profiles, fingerprint, or Yubikey without the need for a recovery phrase”.
Coinbase is also trying to address the frustrating issue of users being informed of insufficient available funds. This new wallet allows users to use their own self-custody wallet balances or Coinbase account balances to pay for on-chain fees, thereby avoiding the situation of “insufficient balance”. Coinbase also claims that Gas-free transactions will be possible, and “developers can sponsor transactions through paymaster integration”.
Coinbase’s Smart Wallet supports eight blockchain networks, including Ethereum, Base, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, with plans to add support for more networks in the future.
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