Coinbase, the leading cryptocurrency exchange in the United States, has introduced a new innovative smart wallet platform.

In a recent blog post, Coinbase announced that the launch of this platform marks a new era for the company’s Coinbase Wallet product. The goal is to transform the on-chain experience by eliminating network fees and recovery phrases.

According to Coinbase, “Smart wallets provide a seamless, gas-free on-chain experience. With its user-friendly interface, support for multiple chains, and integration with popular applications, transitioning to blockchain technology will be as easy as logging into your favorite website. Up until now, on-chain transactions have been slow, expensive, and complex, involving separate wallet applications and outdated blockchains. Smart wallets, in combination with advanced Layer 2 networks like Base, are finally making it possible to onboard more users onto the blockchain. Accessing the blockchain is now simple, fast, and cost-effective.”

Coinbase will be launching a web application to accompany the new smart wallet, offering features such as asset and identity management, buying, sending, swapping, NFTs, and transaction history. This web app will serve as the main platform for smart wallet users to manage their accounts.

Upon its release, smart wallets will initially support eight networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, with plans to integrate more chains in the future.

The company is also encouraging developers to incorporate smart wallets into their applications by providing up to $15,000 in gas credits through the “Base Gasless Campaign,” enabling them to sponsor users’ transactions at no cost.

According to Coinbase, “Our smart wallets mark a significant advancement in self-custody and on-chain transactions. By addressing the main concerns of traditional self-custody wallets and offering a smooth, secure, and user-friendly experience, smart wallets have the potential to revolutionize on-chain interactions. We are excited for developers and users to take advantage of this groundbreaking solution, and we believe that simplifying the onboarding process will lead to widespread adoption.”

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