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Coinbase Launches Smart Wallet and Magic Spend to Simplify Crypto Onboarding Across Eight Networks

Jun 5, 2024, 03:02 PM

Coinbase has officially launched its new smart wallet, aiming to simplify the onboarding process for new crypto users. The smart wallet is designed to address common pain points in the crypto space by offering features such as gasless transactions, cross-app portability, and support for Coinbase balances. It utilizes passkeys stored on the user's device instead of traditional seed phrases for enhanced security, making it easier for users to create and manage their wallets. Coinbase has dubbed this launch as the 'iPhone Moment' for crypto, emphasizing its potential to bring a billion users into the crypto and DeFi space. The wallet supports multiple networks, including Base and Ethereum, and allows users to create a wallet using Face ID, Google Chrome profile, fingerprint, or Yubikey without recovery phrases. Coinbase also introduced the Magic Spend product and highlighted the launch during the onchain summer event. The wallet supports eight networks and has been well-received, with several partners like Moonwell and Privy integrating the smart wallet into their platforms.