Coinbase, the largest cryptocurrency exchange in the United States, has launched its highly anticipated smart wallet, aimed at making it easier for new users to participate in the DeFi sector.
“The smart wallet allows users to create a free, secure, self-custodial wallet within seconds,” wrote Siddharth Coelho-Prabhu, Senior Director of Product Management at Coinbase, in a blog post announcing the product launch.
“They simplify the onboarding process, reduce the number of transactions that need to be signed, and allow you to seamlessly use your Coinbase balance,” he added.
Coinbase initially announced its plans to unveil the wallet at the ETHDenver conference in February.
Unlike traditional recovery phrases, apps, and extensions commonly used to access applications and DeFi services, the company’s smart wallet uses industry-standard passwords (passphrases) and an accompanying web portal. They support the underlying networks, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zilliqa, at launch.
Coinbase’s new wallet is designed to address common challenges faced by DeFi users, particularly those associated with startups.
Read more:
Worldcoin stops collecting data in Spain
According to information, Coinbase is building two new wallets. Developers can now choose between the smart wallet created by Coinbase Wallet, which can be used across multiple applications, or an integrated, app-specific wallet supported by Wallet-As-A-Service.
Both solutions aim to facilitate easier and faster onboarding:
The smart wallet is a complement to the Coinbase Wallet SDK, allowing users to instantly use the wallet in dApps with just access keys, without downloading apps, extensions, or mnemonic phrases. This globally unified wallet allows users to access their balances and use them in hundreds of EVM-compatible applications that have integrated with the Coinbase Wallet SDK. As it is already available on the Base Sepolia testnet, developers can easily start using this free and readily available solution.
The Wallet-As-A-Service-supported wallet allows developers to create embedded wallets, eliminating the complexity of cryptocurrencies and adopting familiar ways of logging in, such as email and social networks. These embedded wallets enable a fully personalized user experience within the application.
Developers can now sign up for the early access program.
