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Coinbase Launches Smart Wallet and Magic Spend on Mainnet to Simplify Crypto Onboarding

Jun 5, 2024, 02:36 PM

Coinbase has officially launched its smart wallet, a significant step in its mission to bring one billion users to the crypto space. The new smart wallet aims to simplify the onboarding process by allowing users to set up a wallet quickly without the need to record a seed phrase. Coinbase describes this rollout as crypto's 'iPhone Moment,' emphasizing its ease of use and accessibility. The smart wallet, known as Coinbase Smart Wallet (CSW), is a 4337 Smart Contract Wallet compatible with any EVM chain and is now live on mainnet. Additionally, Coinbase has introduced 'Magic Spend,' enhancing the utility of the smart wallet. Users can track the growth of these products through a dedicated dashboard. This launch represents a revolutionary step forward in self-custodial wallets and is expected to significantly impact the adoption of cryptocurrencies.