Coinbase Revolutionizes Crypto with Smart Wallets and Biometrics

Coinbase has taken a significant step forward in the crypto space with the launch of its next-generation smart wallets. According to a blog post from the company, these wallets aim to address the biggest pain points of the crypto experience today – complex onboarding, network fees, and recovery phrases – making the transition to onchain smoother than ever.

Smart wallets are crypto wallets that are created on-chain, unlike traditional wallets that are created off-chain and controlled by private keys. These wallets use smart contracts, which are self-executing agreements in which the terms of the contract are written into lines of code.

Until now, going onchain has been slow, expensive, and hard, with separate wallet app installs and first-generation blockchains. Smart wallets, with their ease of use, paired with next-generation Layer 2 networks like Base, finally set the stage to bring many more people onchain.

Coinbase promises 'seamless, gasless transactions and cross-app portability' that drastically reduces computation costs. By addressing the main concerns of traditional self-custody wallets and providing a seamless, secure, and user-friendly experience, smart wallets are poised to transform the way we interact onchain.

Users can onboard using Face ID, fingerprint biometrics, or Yubico's Yubikey. Given Coinbase's market visibility and significant user base, their smart wallet could become an industry driver for smart wallet uptake.

Coinbase is a leading cryptocurrency exchange and wallet provider that enables users to buy, sell, and store various cryptocurrencies. Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase is headquartered in San Francisco, California.

Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like Bitcoin, Ethereum, and Litecoin. With a strong focus on security, Coinbase offers a reliable and secure environment for users to store and manage their digital assets."

Q: What are smart wallets?

A: Smart wallets are crypto wallets that are created on-chain, using smart contracts to execute transactions.

Q: How can I onboard with Coinbase's smart wallet?

A: You can onboard using Face ID, fingerprint biometrics, or Yubico's Yubikey.

Q: What are the benefits of smart wallets?

A: Smart wallets offer seamless, gasless transactions, cross-app portability, and reduced computation costs.

Q: What is the significance of Coinbase's smart wallet launch?

A: Coinbase's smart wallet could become an industry driver for smart wallet uptake, given its market visibility and significant user base.

Q: What is the main purpose of Coinbase's smart wallets?

A: The main purpose of Coinbase's smart wallets is to address the biggest pain points of the crypto experience today – complex onboarding, network fees, and recovery phrases – making the transition to onchain smoother than ever.