Coinbase Introduces Smart Wallet to Enhance OnChain Transactions

Coinbase Wallet is aiming to revolutionize on-chain transactions by addressing user issues and aims to attract 1 billion users.
The wallet provides a gasless on-chain experience and supports multiple chains for seamless integration.
Coinbase, a prominent cryptocurrency exchange, has introduced its innovative smart wallet to the public, offering various benefits to streamline the process of welcoming new users. This move is part of the ongoing efforts within the cryptocurrency industry to enhance compatibility, security, and transaction speed.
Today, Coinbase made a significant announcement regarding its smart wallet, promising a transformative approach to on-chain transactions by eliminating the need for recovery phrases and more.
Coinbase Wallet’s objective is to onboard 1 billion users onto the blockchain by resolving challenges related to onboarding, network fees, and recovery phrases.
The Next Generation Wallet from Coinbase offers a gasless on-chain experience and supports integration with multiple chains, enabling users to conduct transactions at lower costs.
According to the exchange, many users have expressed interest in the gasless feature, and developers can facilitate this by utilizing paymaster integrations to cover transaction costs for consumers. Furthermore, the wallet eliminates the necessity for recovery phrases and supports passkeys.
Additionally, the smart wallets simplify the process of buying and selling NFTs and participating in decentralized protocol activities with just a few clicks. Existing customers will have access to migration tools that enable the transition to smart wallets within the Coinbase Wallet app.
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Uniswap (UNI) price experiences a surge amidst market recovery, encountering resistance at $11.6.