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Coinbase Unveils Two New Wallet Solutions Aimed at Easing Crypto Onboarding

Coinbase introduced two fresh wallet solutions on February 29, aimed at streamlining the entry process for newcomers in the crypto sphere.

In a tweet by Coinbase Wallet, the impending debut of a smart wallet and integrated wallet functionalities was disclosed.

These functionalities are tailored to tackle the typical hurdles encountered in the perplexing user journey of setting up crypto wallets, as highlighted in the company’s press release.

“Users often grapple with fundamental aspects of initiating on-chain applications, such as seed phrases, transaction signing, and gas fees, and we firmly believe that the process should be considerably more straightforward,” asserted Coinbase.

Smart Wallet to Eliminate Seed Phrases

The newly introduced smart wallet is set to act as an extension to the Coinbase Wallet SDK—a software toolkit empowering developers to seamlessly integrate a wallet within decentralized applications using a passkey. This eradicates the need for intricate processes such as employing seed phrases or additional authentication steps.

As noted by the company, the smart wallet is presently undergoing testing in the testnet phase. Developed on Coinbase’s layer-2 network Base, the wallet utilizes a widely embraced blockchain technology known as account abstraction, which furnishes users with recovery options in the event of key misplacement.

Furthermore, Coinbase intends to provide gas fee credits via their Account Abstraction Kit.

In a blog post, Coinbase articulated that establishing smart wallets as the default option is one of its primary objectives for 2024.

“Smart wallets will help alleviate the fundamental challenges in security and usability currently impeding on-chain adoption—bringing more users on-chain and enabling developers to offer streamlined onboarding and enhanced user experiences,” they emphasized.

Coinbase Embedded Wallets

In addition, Coinbase is gearing up to address user experience hurdles with the rollout of embedded wallets.

These embedded wallets will operate on the principle of “wallet as a service” (WaaS), which centers around the notion that companies can customize blockchain wallets to cater to the unique requirements of their clientele.

This innovative feature will enable developers to craft white-labeled embedded wallets that simplify the intricacies of cryptocurrency in favor of more familiar email and social login procedures.

“Developing the next wave of on-chain experiences will be pivotal in bringing a billion users onto the blockchain, and we firmly believe that evolving wallets are a crucial stride in this direction,” emphasized the company.

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What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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