Coinbase offers wallet service to its users. The platform is now aiming to revolutionize that service with the launch of a smart wallet. The goal is to support onboarding a billion users in the coming years. What makes Coinbase Smart Wallet a product to look out for are its features, like gasless transactions and cross-application portability. Plus, it has committed to offering a seamless experience to users.
Smart Wallet by Coinbase comes with three major developments: a simple onboarding experience, the removal of recovery phrases, and the elimination of network fees. Its benefits extend throughout the ecosystem. Thereby, helping developers and users in every possible way to have the best experience in the Coinbase ecosystem.
Coinbase said in the announcement that it is working to implement migration tools. These will help existing users make a transition to Smart Wallet from their current wallets. The smart wallet would be only a click away for new users when they registered on the platform.
Users with Smart Wallet will be able to undertake a large number of activities, like mint NFT, trade on DEX, and diversify their investments in decentralized finance applications. More benefits for users are effortless onboarding, easy onchain payments, cross-app portability, and the option to go gasless.
Using more options to start with Coinbase Wallet is known as effortless onboarding. Users can initiate the process using a Google Chrome profile, Face ID, fingerprint, or Yubikey. They will no longer have to depend on recovery phrases, apps or extensions. Onchain payments include utilizing self-custodial wallet balances or account balances. Users will not get any insufficient balance error on their profile.
Cross-application portability allows users to transfer their wallets to any other onchain application. It also includes balance and identity. The number of supported on-chain apps goes into the thousands. Going gasless heavily depends on developers, since their choice is to go gasless and sponsor transactions for their customers. The latter could be done through Paymaster integrations.
Developers can leverage three benefits of Smart Wallet by Coinabse. These include base gas credits, winning ETH, and participation in Onchain Summer.
Gas credits, with a cap of $15,000, are available through the Base Gasless Campaign. This helps to support zero-cost transactions. Participating in Base Buildathon can help developers win ETH on eight different tracks. Coinbase has also announced an additional pool of 40 ETH. At the time of writing this article, the price of a single Ether was $3,849.19. Developers qualify for the additional bonus pool if they can integrate smart wallets along with other features.
Participation in Onchain Summer grants them higher visibility and a broader user base.
Coinbase has called the launch of Smart Wallet a significant leap forward when it comes to onchain transactions and self-custody. Moving forward, it remains to be seen how well the Smart Wallet of Coinbase performs and if the platform eventually makes it to the milestone of onboarding a billion users.