Coinbase has launched its Smart Wallet service, enabling users to create non-custodial wallets using FaceID or Google accounts.
- Coinbase introduces the Smart Wallet for easy non-custodial wallet creation.
- Supported networks include Ethereum, Polygon, BNB, and more.
- FaceID and Google account integration simplify user access.
- Gasless transactions are enabled via Paymaster smart contracts.
Coinbase Presents Smart Wallet Solution
The prominent cryptocurrency exchange Coinbase has unveiled a new service named Smart Wallet. This innovative solution allows users to effortlessly create a non-custodial crypto wallet. Coinbase’s Director of Product Management, Siddharth Coelho-Prabhu, emphasized the wallet’s simplicity and security, ensuring users can establish a free, secure non-custodial wallet in mere seconds.
Easy Access and Integration
With the Smart Wallet, users can conveniently create a wallet using FaceID, Google Chrome profile, fingerprint, or Yubikey account as an identifier. This seamless integration simplifies the registration process, reducing the number of transactions users need to sign and providing easy access to their assets on the exchange.
Supported Networks
According to the announcement, Smart Wallets will operate across several networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora. Coinbase has also committed to expanding this list in the future. Notably, the Smart Wallets feature will be incorporated into the Coinbase Wallet app, allowing users to transition to the new format effortlessly.
Gasless Transactions
One of the standout features of the Smart Wallet is its support for gasless transactions, facilitated through the integration of Paymaster smart contracts. This technology enables developers to cover transaction fees as an incentive for users, enhancing the overall user experience by eliminating the need for them to pay transaction fees.
Developer Recommendations
Coinbase has advised developers to update their Coinbase Wallet SDK stack to accommodate the new Smart Wallet solution. The service is already available on aggregators such as WAGMI, Web3Modal, Privy, Dynamic, and Rainbowkit, ensuring broad compatibility and ease of use for developers and users alike.
In summary, Coinbase’s Smart Wallet offers a streamlined, secure solution for non-custodial wallet creation, supporting multiple networks and enabling gasless transactions. This innovation promises to simplify access and enhance the user experience in the cryptocurrency space.
