Coinbase, the American cryptocurrency exchange, announced on Wednesday (5th) the launch of a new “Smart Wallets” in an effort to improve user experience and allow 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. New users can now create wallets using “Face ID, Google Chrome profile, fingerprint, or Yubikey, without the need for a recovery phrase.”
Coinbase also aims to address the frustrating issue of users being informed of insufficient funds. With this new wallet, users can pay on-chain fees using their own self-custodied wallet balance or Coinbase account balance to avoid the “insufficient funds” situation. Coinbase also claims that gas-free transactions will be possible, with developers being able to sponsor transactions through paymaster integration.
The Smart Wallet by Coinbase 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.