BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Everything You Need to Know About Coinbase’s New “Smart Wallets”

by Sham
June 5, 2024
in BUSINESS, CRYPTO
Reading Time: 3 mins read
A A
2
SHARES
35
VIEWS
Share on XShare in TelegramShare on Reddit
  • Coinbase launched its “smart wallets,” which it dubbed as crypto’s “iPhone moment,” aiming to onboard a billion users onchain without requiring seed phrases, browser extensions, or applications.
  • The smart wallets use passkeys, often relying on biometric identification like facial recognition or fingerprints, instead of traditional private keys to sign transactions.
  • Coinbase is also providing gas credits to developers who integrate smart wallets into their applications, incentivizing them to drive user adoption of this new wallet technology.

Coinbase has rolled out smart wallets, which it believes will be a breakthrough moment for crypto adoption similar to the launch of the iPhone. The wallets aim to simplify onboarding and remove friction for new users.

JUST IN: @CoinbaseWallet officially announces "Smart Wallets" https://t.co/tlJQDYoNyK

— BlockNews.com (@blocknewsdotcom) June 5, 2024

How Smart Wallets Work

Smart wallets utilize passkeys for login instead of traditional private keys. Passkeys are generated on the user’s device and secured by biometrics like fingerprint or facial recognition. This removes the need for seed phrases, passwords, or third party wallet installations.

Benefits for Developers and Users

The launch coincides with a program for developers to sponsor gas fees for users. This helps retain users during onboarding by removing the need to set up a separate crypto wallet. Developers can earn gas credits for adding smart wallet integration.

Smart wallets also allow new crypto users to start using dapps immediately. The simplified experience helps expand access beyond crypto’s current niche userbase.

Current Support and Adoption

Smart wallets are supported on Base, Arbitrum, Avalanche and Ethereum. However, Ethereum is not preferred due to high gas costs.

While Coinbase has over 110 million users, Base currently has 10 million total users. Moonwell, a top Base protocol, is a launch partner for smart wallets. Users can now interact with Moonwell without paying gas fees.

The Future of Smart Wallets

The launch has generated excitement as a potential catalyst for mainstream crypto adoption. If successful, it would mirror the iPhone’s impact in onboarding millions of casual users to smartphone apps.

Tags: ArbitrumBaseCoinbasecryptoCrypto Wallet
Tweet1ShareShare
Previous Post

Bank of Canada Lowered its Interest Rate by 25 Basis Points and Here is Why

Next Post

Riot Platforms Stock Plummets After Devastating Short Report

DON'T MISS THESE! HOT OFF THE PRESS

Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules
CRYPTO

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Connecticut Bans Bitcoin and Crypto for Government Funds
BITCOIN

Connecticut Bans Bitcoin and Crypto for Government Funds

July 1, 2025
Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme
CRYPTO

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme

July 1, 2025
FARTCOIN Surges 148%—Is the Meme Just the Beginning?
CRYPTO

FARTCOIN Surges 148%—Is the Meme Just the Beginning?

July 1, 2025
Load More

Related News

Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.