New Coinbase Smart Contract Wallet eliminates gas fees and recovery phrases

Coinbase has launched a Smart Contract Wallet with simpler onboarding and no gas fees.
The smart contract wallet supports Ethereum, BNB, Polygon, and others for seamless transactions.
Developers using the smart contract wallet can waive gas fees.

In a move to enhance user experience and streamline cryptocurrency transactions, Coinbase, one of the leading cryptocurrency exchanges, has unveiled its latest innovation: the Coinbase Smart Contract Wallet.

The groundbreaking smart wallet promises to revolutionize the way users interact with cryptocurrencies by eliminating gas fees and simplifying the onboarding process.

Key features of the Coinbase Smart Contract Wallet

Unlike traditional wallets that require users to manage complex recovery phrases and incur gas fees for transactions, the Coinbase Smart Contract Wallet offers a seamless and cost-effective solution.

One of the key features of the smart contract wallet is its simplified onboarding process. Users can create a new wallet and onboard onto a blockchain without the need to download additional apps or manage recovery phrases. Instead, the smart wallet integrates seamlessly with major applications and offers multiple authentication methods, including Face ID, fingerprint ID, and Yubikey.

Moreover, the smart wallet ensures self-custody, allowing users to have full control over their funds. Users can make payments directly from their Coinbase Wallet or Coinbase account, further enhancing convenience and accessibility.

Another notable aspect of the Coinbase Smart Contract Wallet is its integration with major blockchain networks.

At launch, the wallet will support a variety of networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB Chain, and Zora. This multi-chain support enables users to access a wide range of cryptocurrencies and decentralized applications (DApps) within a single platform.

Furthermore, Coinbase has introduced a unique feature that allows developers to waive gas fees by sponsoring transactions through a paymaster. This incentivizes developers to support the adoption of the smart wallet and contribute to a more seamless user experience.

The companion web app serves as the primary platform for users, offering comprehensive asset and identity management, as well as features such as buying, sending, swapping, NFTs, and transaction history.

Coinbase aims to provide users with a fluid and intuitive experience throughout their interactions with the smart wallet.

Loopring and Argent pioneered the smart contract wallets

Coinbase is not the first to launch a smart contract wallet. It is only building upon the growing trend of smart wallet technology in the cryptocurrency space.

The smart contract wallet technology was pioneered by companies like Loopring and Argent. The wallets offer enhanced security, usability, and cost-effectiveness compared to traditional wallet solutions.