2024-03-01 19:34:53
Crypto exchange Coinbase has introduced two new wallet solutions that would simplify the crypto wallet creation process for new entrants.
The features known as smart and embedded wallets are designed to overcome the difficult hurdles of creating crypto wallets. The solutions in the testing phase are built on Coinbase’s Layer-2 network and offer multiple key recovery options.
Coinbase’s smart wallet is coming soon, it might be easier for millions to connect
The features are designed to solve the challenges of creating crypto wallets and improve the user experience.
Users struggle with the basic parts of launching on-chain applications, such as seed phrases, transaction signatures, and gas fees. We think it should be much simpler
– He reported ki a Coinbase.
The smart wallet will be an add-on to the Coinbase Wallet SDK and will allow developers to use a password to create a crypto wallet almost instantly within decentralized applications. Thanks to this, there will be no need for complicated extra steps or identifiers consisting of 12 to 24 keywords.
Built on Coinbase’s Layer-2 network base, the wallet uses a widely accepted blockchain technology called account abstraction, which provides users with recovery options in case they lose their keys. The crypto exchange also plans gas fee benefit credit through the account abstraction stock.
Introduction of nested wallets
Coinbase’s second innovation is the introduction of embedded wallets, driven by the innovative Wallet as a Service (WaaS) model. Its goal is to increase the user experience by simplifying processes and reducing challenges.
The feature allows companies to offer customized blockchain wallets to their customers, streamlining processes. Customization includes email addresses and social login processes.
Creating the next generation of on-chain experiences will be critical to getting a billion users on-chain, and we believe evolving wallets are a critical step.
– The company declared.
The strategic initiatives not only underscore Coinbase’s commitment to fostering a more inclusive crypto ecosystem, but also set new standards for user experience and security in the digital asset space.
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