In a move to enhance user experience and streamline cryptocurrency transactions, Coinbase, one of the leading cryptocurrency exchanges, has unveiled its latest innovation: the Coinbase Smart Contract Wallet.

The groundbreaking smart wallet promises to revolutionize users' interactions with cryptocurrencies by eliminating gas fees and simplifying the onboarding process.

Simplified Onboarding Process

Unlike traditional wallets, which require users to manage complex recovery phrases and incur gas fees for transactions, the Coinbase Smart Contract Wallet offers a seamless and cost-effective solution. One key feature of the smart contract wallet is its simplified onboarding process.

Users can create a new wallet and onboard onto a blockchain without downloading additional apps or managing recovery phrases. Instead, the intelligent wallet integrates seamlessly with major applications and offers multiple authentication methods, including Face ID, fingerprint ID, and Yubikey.

Moreover, the intelligent wallet ensures self-custody, allowing users complete control over their funds. Users can make payments directly from their Coinbase Wallet or Coinbase account, further enhancing convenience and accessibility.

Multi-Chain Support

Another notable aspect of the Coinbase Smart Contract Wallet is its integration with significant blockchain networks. At launch, the wallet will support networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB Chain, and Zora.

This multi-chain support enables users to access various cryptocurrencies and decentralized applications (DApps) within a single platform.

Waiving Gas Fees

Furthermore, Coinbase has introduced a unique feature that allows developers to waive gas fees by sponsoring transactions through a Paymaster. This incentive encourages developers to support the adoption of the smart wallet and contribute to a more seamless user experience.

The companion web app serves as the primary platform for users, offering comprehensive asset and identity management and features such as buying, sending, swapping NFTs, and transaction history.

Coinbase aims to provide users a fluid and intuitive experience throughout their interactions with the smart wallet.

Building on a Growing Trend

Coinbase is one of many that launched a smart contract wallet. It is only building upon the growing trend of smart wallet technology in the cryptocurrency space.

Companies like Loopring and Argent pioneered smart contract wallet technology. Compared to traditional wallet solutions, these wallets offer enhanced security, usability, and cost-effectiveness.