Coinbase Launches Smart Wallet on Mainnet to Simplify Crypto Onboarding, Benefits Arbitrum

Jun 5, 2024, 02:57 PM

Coinbase has officially launched its new Smart Wallet on Mainnet, aiming to simplify the onboarding process for crypto users and potentially bring one billion users on-chain. The Smart Wallet offers features such as gasless transactions, cross-app portability, and support for Coinbase balances. It replaces traditional seed phrases with passkeys, enhancing security and ease of use. The launch also includes the Magic Spend feature, which further simplifies crypto transactions. This development is seen as a significant step forward for the crypto industry, potentially kicking off the next phase of the crypto bull run. The timing coincides with onchain summer and benefits ecosystems like Arbitrum.