Coinbase: The arrival of smart wallets opens a new era of crypto wallets

Original title: A New Era in Crypto Wallets: Smart Wallet is Here

Original source: Coinbase

Original translation: TechFlow

Coinbase Smart Wallet opens a new chapter for Coinbase Wallet, simplifying the user experience of blockchain and revolutionizing the on-chain experience by simplifying onboarding, eliminating network fees, and removing recovery phrases. It provides seamless gas-free transactions and cross-application portability, aiming to bring more than 1 billion users into the blockchain world.

At Coinbase, we’ve always envisioned a future where everyone can seamlessly participate in the blockchain world. Today, we’re launching a new upgrade to our self-hosted wallets. Smart Wallets are an important step in our goal of bringing over 1 billion users to the blockchain. These next-generation wallets solve the biggest pain points in the current cryptocurrency experience – complex onboarding, network fees, and recovery phrases, making the transition to blockchain smoother than ever before.

Smart Wallet provides a simple, gas-free on-chain experience. This simplicity, combined with multi-chain support and integration with major applications, makes using blockchain as easy as logging into your favorite website. Until now, the on-chain process has been slow, expensive, and difficult, requiring the installation of a separate wallet application and using first-generation blockchain technology. The ease of use of Smart Wallet, combined with next-generation Layer 2 networks like Base, finally lays the foundation for more people to on-chain. Now, on-chain is simple, fast, and cheap.

For existing Coinbase Wallet users, we will be building migration tools into the Coinbase Wallet app and supporting Smart Wallets in the coming months.

Smart wallet makes blockchain easy

Smart Wallets allow users to create a free, secure self-custodial wallet in seconds. They simplify the onboarding process, reduce the number of transactions that need to be signed, and seamlessly allow you to use your Coinbase balance on-chain. No more recharging gas fees or carrying wallets between applications. With Smart Wallets, new users will be able to mint NFTs, trade on decentralized exchanges, or diversify their investments through DeFi applications in just a few clicks. Users can enjoy a smooth and intuitive experience without sacrificing self-custody or security.

The main advantages of Coinbase Smart Wallet include

• Get started easily: Create a new wallet and get started in seconds without leaving the app you want to use or dealing with recovery phrases, apps, or extensions. Use facial recognition, Google Chrome profiles, fingerprints, or Yubikey to get started instantly.

• Easy on-chain payments: Pay with your self-custodial wallet balance or Coinbase account balance and never get an “insufficient balance” error again.

• Cross-application portability: Bring your wallet, identity, and balance to thousands of popular on-chain applications.

• Gas-free transactions: Developers can choose to provide a gas-free experience and sponsor transactions for their clients through payment proxy integration.

In addition, Coinbase also provides a companion web application with features such as asset and identity management, purchase, send, exchange, NFT and transaction history, which will become the main platform for Smart Wallet users to manage their wallets.

At launch, Smart Wallet will support most leading on-chain applications, with plans to add more support in the future. Smart Wallet will support 8 networks (Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, Zora), with plans to add more support in the future.

Developers: Integrate Smart Wallet into your app to get started faster

Currently, on-chain app developers lose many new users when users leave their apps to install and fund separate wallets. Smart Wallets can be accessed directly from any browser, eliminating the need for app or extension installation. Other key improvements include sponsored gas fees through payment agents, batch transactions, and direct payments with Coinbase accounts. We are pioneering new industry standards to enable direct communication between apps and wallets, facilitate the use of payment agents, and support batch transactions without API integration (EIP-5792). We expect this powerful set of features to significantly increase conversion rates.

Coinbases Smart Wallet is now live, and developers are encouraged to integrate or update their SDKs today to provide users with a superior on-chain experience. In addition, integrating Smart Wallet is very simple and only requires a few lines of code at most. Smart Wallet is integrated in all popular wallet libraries and aggregators, including WAGMI, Web3 Modal, Privy, Dynamic, and Rainbowkit. Developers can update their existing Coinbase Wallet SDK, ensuring minimal disruption and a smooth transition.

Several important reasons for developers to integrate or upgrade Smart Wallet today

• Get Basegas Credits: Developers can enjoy up to $15,000 in gas credits through the Base Gasless campaign, with sponsored users’ transaction fees at zero cost.

• Win ETH on Base: Developers participating in the Base Buildathon have the opportunity to win ETH on Base in 8 different tracks. In addition, there is an additional 40 ETH reward pool for developers who successfully integrate Smart Wallet and other Coinbase features.

• Participate in Onchain Summer: By integrating a smart wallet, developers have the potential to showcase their projects during Onchain Summer, gain visibility and attract a wider user base.

Whats next?

Our Smart Wallet is a major breakthrough in the area of self-custody and on-chain transactions. By solving the main problems of traditional self-custody wallets and providing a seamless, secure and user-friendly experience, Smart Wallet has the potential to revolutionize the way we interact on the blockchain. We are very excited to see developers and users take advantage of this groundbreaking new solution and believe that the simplified onboarding experience will drive widespread adoption.

Don’t forget: this summer, we will celebrate with Onchain Summer. All participants in Onchain Summer will have the opportunity to experience first-hand how fast and easy it is to get on-chain. We encourage developers to build projects for Onchain Summer and have the opportunity to showcase their work later in July.

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