Coinbase Launches 'Smart Wallets' To Facilitate Blockchain Activities

JAKARTA - Coinbase, has announced the launch of their latest innovation: smart wallets'. The move aims to facilitate access to blockchain activity for users, by eliminating the complexity and high costs associated with traditional crypto wallets. With smart wallets, Coinbase hopes to attract more than one billion new users through gas-free transactions and multi-chain support.

On June 5, 2024, Coinbase introduced a smart wallets' campaign they refer to as a new era' in the use of crypto wallets. What makes these smart wallets special? According to BitcoinNews information, this product offers a smooth transition to blockchain operations by integration into leading applications as well as support for multiple networks, including Ethereum and Base. Thus, users can access various non-stop crypto services.

One of the main features of smart wallets is the use of passkeys as an alternative to traditional recovery phrases. These passkeys, which are mainly used on smartphones and other devices, take advantage of public key cryptography to improve security and simplify the login process. Thus, wallet creation becomes more instant, and users can make direct payments from Coinbase balances, addressing general issues related to lack of funds during transactions.

Coinbase is also actively encouraging the adoption of smart wallets through initiatives such as the Base Gasless Campaign. In this campaign, wallet developers can earn up to 15,000 US Dollars (approximately IDR 244 million) in the form of gas credit. This system is already integrated with leading wallet libraries and aggregators. For current Coinbase Wallet users, the company is developing tools and support in the Coinbase Wallet app to facilitate the transition to smart wallets in the near future.

In addition, Coinbase provides a companion webapp that includes various functions, including asset and identity management. Users can buy, send, exchange, and monitor the history of non-fungible token transactions (NFT) through this platform. Thus, Coinbase seeks to make smart wallets the center for users to easily manage their crypto accounts.