Coinbase Launches Gas-Free Smart Wallet
2 min read
Coinbase Launches Gas-Free Smart Wallet
Coinbase, a prominent cryptocurrency exchange, is set to introduce a new smart wallet tailored to boost user convenience. Named the Coinbase Wallet, this innovation aims to simplify user onboarding by removing gas fees and eliminating the need for recovery phrases.
By tackling the complexities associated with cryptocurrency wallets, the smart wallet allows users to set up their wallets and integrate them onto a blockchain without the hassle of downloading additional applications or generating a new recovery phrase. Users will benefit from integration with popular apps and can use Face ID, a Google Chrome profile, fingerprint ID, or Yubikey as their passkey, which will be securely stored on their devices.
The Coinbase Wallet offers self-custody and enables payments directly from a user’s wallet or Coinbase account. Developers have the option to cover gas fees for users by sponsoring transactions through a paymaster system. The primary interface for users will be a companion web app, providing essential features such as asset and identity management, buying, sending, swapping cryptocurrencies, handling non-fungible tokens (NFTs), and tracking transaction history. Coinbase assures users of a smooth and intuitive experience throughout these processes.
Initially, the smart wallet will support a variety of networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora. Both users and developers will enjoy free access to this new offering. According to Coinbase’s announcement on its Canadian blog, the wallet’s simplicity, combined with its multi-chain support and integration with major applications, will make blockchain onboarding as easy as logging into a favorite website.
Existing Coinbase users can expect to transition to the new wallet in the upcoming months as the final migration tools are put in place. The technology behind smart wallets is not a novelty. In 2020, Loopring and Argent pioneered smart wallet technology, and Ethereum developer Vitalik Buterin endorsed the concept the following year. He emphasized its “social recovery” features, which enhance security and remove the need for recovery phrases.
The groundbreaking technology enabling smart wallets on Ethereum, referred to as “account abstraction,” made its debut with the ERC-4337 standard in March 2023. Buterin reiterated the advantages of smart wallets, alongside other improvements, in a blog post from June 2023. Following these advancements, Coinbase started offering smart wallets to developers in March, fostering greater adoption and innovation in the cryptocurrency space.
By launching this smart wallet, Coinbase aims to democratize access to cryptocurrency technologies, making it easier for everyday users to manage their digital assets securely and efficiently. As more users transition to this new smart wallet, the landscape of digital finance and interactions is poised to become more streamlined and user-friendly.
No recovery phrases sounds like a disaster. If my account gets compromised, how am I supposed to recover it? This is basic crypto knowledge they’re ignoring.
Great, yet another way for Coinbase to collect more of our personal data under the guise of convenience. No thanks.
Coinbase always innovating! The features of this smart wallet are incredibly promising. Ready to dive in!
Game-changer in crypto space! The new Coinbase Wallet simplifies and secures digital asset management. Bravo!
Love the idea of Face ID and fingerprint ID for wallet access! Coinbase is making crypto secure and simple!
This smells like a marketing ploy. “Integrating with major applications” = More data-mining opportunities for Coinbase. No thanks! 😒
Coinbase introducing this? Hard pass. Coinbase has had too many issues with downtime and security breaches.
Major red flag Not having to use recovery phrases sounds convenient until you get hacked and lose everything.
So excited that Coinbase is finally removing the hassle of recovery phrases! This is a huge step forward!
Outstanding news from Coinbase! Enhancing user experience and security simultaneously. Way to go!
Yay, more convenience, but at what cost? Loss of personal security. I don’t trust this one bit.
Between multi-chain support and seamless app integration, the Coinbase Wallet is set to revolutionize crypto use. Cant wait!
Removing gas fees is a nice touch, but sacrificing account security in return is not worth it. Sounds just like another gimmick. 😤
I don’t get it. How can you trust a wallet that doesn’t require critical security steps? Feels like a shortcut to losing my crypto. 🙄
The future of digital finance is here with Coinbases smart wallet! Simplified yet powerful. Can’t wait!
Cool, Coinbase is playing with fire again. How about they fix their customer service instead of launching potentially insecure tools?
The Coinbase Wallet’s feature of tracking transactions and managing assets in one place sounds perfect for me! 📊🔍
Removing the need for recovery phrases and gas fees? Absolutely love this upgrade from Coinbase!
Simplifying blockchain onboarding to be as easy as logging into a website? Amazing! Coinbase is changing the game!
Multi-chain support, no gas fees, and user-friendly? Coinbase just nailed it!
Absolutely loving the concept of a user-friendly wallet that doesn’t need recovery phrases! 💎 Thanks, Coinbase!
Honestly, this whole smart wallet from Coinbase feels like they are cutting corners on security for the sake of marketing it as easy.
This new Coinbase Wallet is a must-have! Integrates with major apps and secure login options? Super convenient!
Having the option for developers to cover gas fees via a paymaster system is genius! Coinbase is truly innovative. 💡💸
Is Coinbase trying to make the same mistake as FTX? Security should always come before convenience. 😠
Coinbase better get their existing issues sorted out before rolling out new smart solutions. Seems like a recipe for more headaches.
This sounds like a disaster waiting to happen! 😤 Coinbase isn’t known for their security, and now they’re removing recovery phrases??!