Coinbase Introduces Smart Wallet Ushering in a New Era of Cryptocurrency Wallets

Title: Revolutionizing Crypto Wallets with the Arrival of Smart Wallets
Source: Coinbase
Translated by: TechFlow
Coinbase Smart Wallet marks the beginning of a new chapter for Coinbase Wallet, simplifying the user experience on the blockchain by revolutionizing the online experience through streamlined onboarding, eliminating network fees, and removing recovery phrases. It offers seamless gas-free transactions and cross-app portability, aiming to bring over 1 billion users into the world of blockchain.
At Coinbase, we have always envisioned a future where everyone can seamlessly participate in the world of blockchain. Today, we are unveiling the upgraded version of our self-custody wallet. The Smart Wallet is a significant breakthrough in achieving our goal of bringing over 1 billion users to the blockchain. These next-generation wallets address the biggest pain points in the current cryptocurrency experience – complex onboarding processes, network fees, and recovery phrases, making the transition to blockchain smoother than ever before.
The Smart Wallet provides a simple and gas-free online experience. This simplicity, combined with multi-chain support and integration with major applications, makes using blockchain as easy as logging into your favorite website. So far, the process of going on-chain has been slow, expensive, and challenging, requiring the installation of wallet applications separately and using first-generation blockchain technology. The user-friendliness of the Smart Wallet, along with next-generation Layer 2 networks like Base, ultimately paves the way for more people to go on-chain. Now, going on-chain is simple, fast, and inexpensive.
For existing Coinbase Wallet users, we will be building migration tools within the Coinbase Wallet application in the coming months to support the Smart Wallet.
Making on-chain transactions simple with Smart Wallet
The Smart Wallet allows users to create a free, secure self-custody wallet in seconds. It simplifies the onboarding process, reduces the number of transactions that need to be signed, and seamlessly enables you to use your Coinbase balance on-chain. No longer do you need to top up for gas fees or carry your wallet across different apps. Through the Smart Wallet, new users will be able to mint NFTs, trade on decentralized exchanges, or diversify investments through DeFi applications in just a few clicks. Users can enjoy a smooth and intuitive experience without sacrificing self-custody or security.
The key advantages of the Coinbase Smart Wallet include:
Easy onboarding: Create a new wallet and get started in seconds without leaving the app you want to use or dealing with recovery phrases, apps, or extensions. Instantly start using facial recognition, Google Chrome profiles, fingerprint, or Yubikey.
Seamless on-chain payments: Use your self-custody wallet balance or Coinbase account balance to pay, eliminating any “insufficient balance” errors.
Cross-app portability: Bring your wallet, identity, and balance to thousands of popular on-chain applications.
Gas-free transactions: Developers can choose to offer a gas-free experience and sponsor transactions for customers through payment proxies.
In addition, Coinbase also offers a companion web application that includes features such as asset and identity management, buying, sending, exchanging, NFTs, and transaction history, which will be the primary platform for Smart Wallet users to manage their wallets.
At launch, the Smart Wallet will support most leading on-chain applications and plans to add more support in the future. The Smart Wallet will support 8 networks (Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, Zora) and plans to add more support in the future.
Developers: Integrate Smart Wallet into your app to speed up onboarding
Currently, developers of on-chain applications lose many new users when they leave the app to install and fund a separate wallet. The Smart Wallet can be accessed directly through any browser, eliminating the need for app or extension installation. Other key improvements include sponsoring gas fees through payment proxies, batch transactions, and direct payment using Coinbase accounts. We are setting new industry standards by enabling direct communication between apps and wallets, facilitating the use of payment proxies, and supporting batch transactions (EIP-5792) without API integration. We expect this powerful set of features to significantly boost conversion rates.
The Coinbase Smart Wallet is now live, and we encourage developers to integrate or update their SDKs today to provide users with an exceptional on-chain experience. Furthermore, integrating the Smart Wallet is very simple, requiring just a few lines of code at most. The Smart Wallet is integrated into all popular wallet libraries and aggregators, including WAGMI, Web3 Modal, Privy, Dynamic, and Rainbowkit. Developers can update their existing Coinbase Wallet SDK to ensure minimal disruption and a smooth transition.
Developers have several key reasons to integrate or upgrade to Smart Wallet today:
Earn Basegas points: Developers can enjoy up to $15,000 in gas points through the Base Gasless campaign, sponsoring users’ transaction fees at zero cost.
Win ETH on Base: Developers participating in the Base Buildathon have the opportunity to win ETH on 8 different tracks on Base. Additionally, there is an additional 40 ETH reward pool for developers who successfully integrate the Smart Wallet and other Coinbase features.
Join Onchain Summer: By integrating the Smart Wallet, developers have the opportunity to showcase their projects during Onchain Summer, gaining visibility and attracting a wider user base.
What’s next?
Our Smart Wallet has made significant breakthroughs in self-custody and on-chain transactions. By addressing the main issues with traditional self-custody wallets and providing a seamless, secure, and user-friendly experience, the Smart Wallet is set to completely change how we interact on the blockchain. We are excited to see developers and users leverage this groundbreaking new solution and believe that the simplified onboarding experience will drive widespread adoption.
Don’t forget: this summer, we will be celebrating with Onchain Summer. Everyone participating in Onchain Summer will have the opportunity to experience fast and convenient on-chain transactions firsthand. We encourage developers to build projects for Onchain Summer, with the chance to showcase their work later in July.