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  • Writer's pictureBrandon Zemp

Coinbase Launches 'Coinbase Smart Contract Wallet' - Eliminating Recovery Phrases

Coinbase Launches 'Coinbase Smart Contract Wallet' - Eliminating Recovery Phrases

With the aim of improving user experience and simplifying cryptocurrency transactions, Coinbase, a top cryptocurrency exchange, has introduced its newest creation: the Coinbase Smart Contract Wallet.

The innovative smart wallet is set to transform how users engage with cryptocurrencies by removing gas fees and streamlining the onboarding process. In contrast to conventional wallets that necessitate users to handle intricate recovery phrases and pay gas fees for transactions, the Coinbase Smart Contract Wallet provides a smooth and affordable alternative.

The smart contract wallet stands out for its easy onboarding process, allowing users to create a new wallet and join a blockchain without having to download extra apps or handle recovery phrases. This smart wallet smoothly integrates with popular applications and provides various authentication options like Face ID, fingerprint ID, and Yubikey.

Furthermore, the intelligent wallet guarantees self-custody, giving users complete control over their funds. Users have the option to make payments directly from their Coinbase Wallet or Coinbase account, which adds to the convenience and accessibility.

The Coinbase Smart Contract Wallet stands out for its seamless connection to prominent blockchain networks. Upon release, the wallet will be compatible with various networks such as Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB Chain, and Zora. This diverse network support allows users to engage with numerous cryptocurrencies and decentralized applications (DApps) all in one place.

Moreover, Coinbase has implemented a distinctive function enabling developers to eliminate gas fees by backing transactions via a paymaster. This encourages developers to promote the integration of the smart wallet and enhance a smoother user experience.

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