Coinbase Develops New Wallet Solutions to Simplify Onboarding for One Billion Users to Blockchain
Coinbase, a leading cryptocurrency exchange, has announced the development of a suite of wallet solutions aimed at simplifying the onboarding process for new users to the blockchain.
Recognizing the complexity of onboarding experiences as a major barrier to widespread adoption, Coinbase aims to provide developers with tools to create seamless onchain experiences.
The new wallet solutions include a Smart Wallet and Embedded Wallets powered by Wallet as a Service (WaaS).
The Smart Wallet, an addition to the Coinbase Wallet SDK, enables instant wallet creation within decentralized applications (dapps) using just a passkey, eliminating the need for app downloads, extensions, or seed phrases.
This global unified wallet allows users to seamlessly interact with hundreds of Ethereum Virtual Machine (EVM)-compatible applications integrated with the Coinbase Wallet SDK.
The biggest barrier to growing onchain adoption is the complexity of onboarding.
— Coinbase Wallet 🛡️ (@CoinbaseWallet) February 29, 2024
We’re excited to introduce our smart wallet solution to help make onchain onboarding faster, easier, and safer. Available on testnet for developers now.
Learn more: https://t.co/86ANCip7UO pic.twitter.com/jV1Of4U6nW
On the other hand, Embedded Wallets, powered by WaaS, offer white-labeled embedded wallets that abstract away the complexities of crypto in favor of familiar email and social login flows.
These embedded wallets enable custom user experiences contained within an application, simplifying the onboarding process for new users.
During the testnet phase, developers will have access to features such as wallet creation, secure signing using passkey technology, test transactions on the Base Sepolia testnet, and a full-screen web companion portal for wallet activity and balance management.
Coinbase plans to roll out additional features, including support for top EVM chains, passkey recovery, and gas sponsorship credits, in subsequent phases leading up to the mainnet launch.
The development of these wallet solutions underscores Coinbase’s commitment to making onchain onboarding easier, faster, and safer.
Coinbase invites feedback from the developer community to further enhance these solutions and pave the way for broader blockchain adoption.
Coinbase is currently showcasing live demos of these experiences at ETHDenver 2024, inviting developers to provide feedback and engage with the latest innovations in onchain technology.
Developers can sign up for sessions to learn more about the Smart Wallet SDK and Embedded Wallets and explore opportunities to contribute to the evolution of onchain experiences.
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