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Cryptocurrency exchange Coinbase is launching a smart wallet. The new Coinbase Wallet will offer users greater convenience through onboarding, eliminating gas fees and making recovery phrases unnecessary.
<h2 id="smart-wallets-overcome-complexity">Smart wallets overcome complexity</h2>
The smart wallet will allow users to create a new wallet and onboard onto a blockchain without downloading a new app or receiving a new recovery phrase. Instead, the smart wallet will integrate with major apps and use Face ID, users’ Google Chrome profile, fingerprint ID or Yubikey to onboard through a passkey that will be stored on users’ devices.
The smart wallet will have self-custody and permit payments from the user’s Coinbase Wallet or Coinbase account. Developers will be able to choose to waive gas fees by sponsoring the transaction through a paymaster.
A companion web app will be the user’s primary platform and will offer asset and identity management, buying, sending, swapping, nonfungible tokens and transaction history. Coinbase promises “a fluid and intuitive experience” throughout those transactions.
Related: <a href="https://cointelegraph.com/news/coinbase-base-blockchain-evm-usdc-ethereum-integration" rel="noopener noreferrer nofollow">Coinbase sees infinite interoperability potential with Ethereum and USDC</a>
At the start, the smart wallet will support the Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB Chain and Zora networks. The smart wallet will be free for both users and developers. Coinbase <a href="https://www.coinbase.com/en-ca/blog/a-new-era-in-crypto-wallets-smart-wallet-is-here" target="_blank" rel="noopener noreferrer nofollow">said</a> in a post on its Canadian blog:
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
Current users will be able to use the new wallet “in the coming months” after it finalizes all migration tools.&nbsp;
<h2 id="smart-wallet-technology-is-spreading">Smart wallet technology is spreading</h2>
Smart wallet technology is not new. Loopring and Argent <a href="https://cointelegraph.com/news/non-custodial-smart-wallet-seeks-to-widen-access-to-crypto-and-defi" rel="noopener noreferrer nofollow">pioneered the technology</a> in 2020. Ethereum developer Vitalik Buterin <a href="https://vitalik.eth.limo/general/2021/01/11/recovery.html" target="_blank" rel="noopener noreferrer nofollow">embraced</a> the idea the following year in his blog, touting the “social recovery” features that add security and eliminate recovery phrases.
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-06/247fcca3-a8ea-4c9c-b586-636a64ba363b.png" alt="" title="">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/CoinbaseWallet/status/1798363214901837884" target="_blank" rel="noopener noreferrer nofollow">Coinbase Wallet</a>
 </figcaption>
</figure>
The breakthrough technology for smart wallets on Ethereum, called “account abstraction,” <a href="https://cointelegraph.com/news/ethereum-erc-4337-smart-accounts-launch-at-walletcon-account-abstraction-is-here" rel="noopener noreferrer nofollow">debuted with the ERC-4337</a> standard in March 2023. Buterin <a href="https://vitalik.eth.limo/general/2023/06/09/three_transitions.html" target="_blank" rel="noopener noreferrer nofollow">reiterated</a> those and other virtues of the smart wallet in a June 2023 blog post.
Coinbase <a href="https://cointelegraph.com/news/coinbase-introduces-embedded-smart-wallets-developers" rel="noopener noreferrer nofollow">began offering smart wallets</a>&nbsp;to developers in March.
Magazine: <a href="https://cointelegraph.com/magazine/account-abstraction-supercharges-ethereum-wallets-dummies-guide/" rel="noopener noreferrer nofollow">‘Account abstraction’ supercharges Ethereum wallets: Dummies guide</a>

Coinbase rolls out smart wallet with no gas fees and easy onboarding

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Cointelegraph

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