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Nasdaq-listed cryptocurrency exchange Coinbase has announced the launch of a user-friendly smart cryptocurrency wallet, offering users greater convenience through a smoother onboarding experience, gasless transactions, and doing away with recovery phrases.
Coinbase’s smart wallet will let users create a new wallet and onboard onto a blockchain without downloading a new application or having to receive a new recovery phrase. The smart wallet will, instead, integrate with popular apps and use familiar authentication methods including Face ID, fingerprint recognition, or YubiKey.
This self-custodial wallet allows users to make payments directly from their Coinbase account or their Coinbase Wallet balance and developers can choose to waive gas fees by sponsoring transactions through a paymaster function.
The smart wallet will initially support Ethereum, Base, Optimism, Arbitrum, Polygon, Avalanche, BNB Chain, and Zora networks with plans to add support for more later on, and will see a companion web application be the user’s primary hub for it.
Existing Coinbase users can expect access to the new wallet “in the coming months” after the migration tools are finalized.
Smart wallets aren’t new, it’s worth noting, as Loopring and Argent have pioneered these in 2020. The technology is gaining traction, with Ethereum co-founder Vitalik Buterin championing the concept of “social recovery” features, offering enhanced security without the need for recovery phrases.
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- Source: https://www.cryptocompare.com/email-updates/daily/2024/jun/06/
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