Coinbase launches smart wallet that seeks to solve cryptocurrency ‘problems’

Coinbase, one of the main cryptocurrency exchanges in the United States, officially announced the launch of its new “smart wallet”, aiming to improve the experience of its users. This new product promises to simplify processes that are currently seen as complex by many crypto enthusiasts.

In a statement, the company highlighted that these next-generation wallets address the main challenges users face. This includes, for example, complicated integration, network fees and the use of recovery phrases. The goal is to make the transition to using blockchain more fluid than ever.

The initial announcement about these new wallets took place in February during the EthDenver event. Since then, expectations among users have been high to learn about the improvements that Coinbase would implement.

Coinbase smart wallet hits the market

The main feature of Coinbase’s new smart wallet is its ease of integration. Now, new users can create a wallet using Face ID, Google Chrome profile, fingerprint or Yubikey, without the need for recovery phrases.

This represents a significant change. After all, recovery phrases are often one of the most complicated and least secure aspects of using digital wallets.

Another common issue that Coinbase aims to resolve is insufficient balance notification. Users often face difficulties when they are told that they do not have sufficient funds to carry out a transaction. With the new wallet, it will be possible to use the self-custodial wallet balance or Coinbase account balances, thus avoiding these errors.

Additionally, transactions without gas fees will also be a reality. According to Coinbase, developers will be able to sponsor transactions through integrations with payers, which should make the daily use of cryptocurrencies even easier.

Coinbase’s new wallet supports eight different networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora. The company also mentioned that there are plans to expand support to more networks in the future. This can further expand the reach and functionality of the product.

With these innovations, Coinbase hopes to attract both new users and make life easier for current ones, reducing barriers to entry and improving the overall experience of using cryptocurrencies.