Coinbase Launches Smart Wallet, Targets Adoption
Digital asset exchange Coinbase has introduced its smart wallet to users with plans to seamlessly onboard new users, among other benefits. This comes on the heels of more innovations in the crypto space targeting speed, security and interoperability. The prospect of smart wallets has led to increased transactions around the ecosystem and increased numbers on the layer 2 network, Base.
Coinbase Announces Smart Wallet
Coinbase today unveiled its highly anticipated smart wallet that will revolutionize on-chain activity and eliminate bailout emoticons, among other things. According to the company, the wallet solves the complex onboarding, network fees, and recovery processes that target on-chain onboarding of 1 billion users.
Coinbase smart wallet will provide users with gas-free on-chain experience with multi-chain integrations and make transactions cheaper.
“Until now, blockchain advancement has been slow, expensive, and difficult due to separate wallet app uploads and first-generation blockchains. Smart wallets, with their ease of use and paired with next-generation Layer 2 networks like Base, have paved the way to eventually connecting many more people on-chain. Now connecting to the chain is easy, fast and cheap.
The gas-free experience has caught the attention of many users, with Exchange stating that developers can offer this feature using paymaster integrations to sponsor customer transactions. The wallet also allows for toggle keys, eliminating the hassle of emoticons. Additionally, smart wallets allow users to purchase and exchange non-fungible tokens (NFTs) or perform other interactions with decentralized protocols in a few clicks.
According to the statement, the exchange will create migration tools that support the smart wallet within the Coinbase Wallet application for existing users.
Increases in Base Enrollments
Coinbase layer 2 network, basis The numbers were seen rising as the total value locked (TVL) reached an all-time high. At the time of writing, Base TVL stands at over $1.771 billion, up 1.5% in the last 23 hours. Among the best protocols are Aerodrome, Uniswapand Extra Finance. This increase comes as traders await the launch of the smart wallet. With the current crypto asset price increase, users are expecting more inflows.
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
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