New Coinbase Smart Contract Wallet eliminates gas fees and recovery clauses
Coinbase has launched a smart contract wallet with no onboarding or gas fees. The modern contract wallet supports Ethereum, BNB, Polygon and others for seamless transactions. Developers who use smart contract wallets can waive gas fees.
In a move to improve user experience and streamline crypto transactions, Coinbase, one of the leading cryptocurrency exchanges, has unveiled its latest innovation: the Coinbase Smart Contract Wallet.
The first smart wallet promises to improve 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 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 the easy onboarding process. Users can load new wallets and blockchains without having to download additional apps or manage recovery phrases. Instead, the smart wallet integrates seamlessly with mainstream apps and offers multiple authentication methods, including face ID, fingerprint ID, and UbiK.
Moreover, smart wallets ensure self-preservation by giving users full control over their money. Users can make payments directly from their Coinbase Wallet or Coinbase account, further enhancing convenience and accessibility.
Another notable feature of the Coinbase Smart Contract Wallet is its integration with major blockchain networks.
At launch, the wallet supports various networks, namely Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB Chain and Zora. This multi-chain support allows users to access a wide range of cryptocurrencies and decentralized applications (DApps) in one platform.
Additionally, Coinbase has introduced a unique feature that allows developers to waive gas fees by supporting transactions through the payer. This encourages developers to support the adoption of the smart wallet and contribute to a more seamless user experience.
The accompanying web application serves as a central platform for users to provide comprehensive asset and identity management as well as features such as buying, sending, exchanging, NFTs and transaction history.
Coinbase aims to provide users with a fluid and intuitive experience throughout their interactions with their smart wallet.
Lopring and Argent also pioneered smart contract wallets
Coinbase is not the first to launch a smart contract wallet. It is only building on the burgeoning cryptocurrency space with smart wallet technology.
Smart contract wallet technology was pioneered by companies such as Loopring and Argent. The wallets offer improved security, usability and cost-effectiveness compared to traditional wallet solutions.
