Cryptocurrency exchange Coinbase is launching a smart wallet

The new Coinbase Wallet will offer users greater convenience through onboarding, eliminating gas fees and making recovery phrases unnecessary.

Cryptocurrency exchange Coinbase (NASDAQ:COIN) is rolling out a smart wallet, promising to enhance user convenience by eliminating gas fees, onboarding users without recovery phrases and integrating with popular apps.

Coinbase to launch smart wallet, eliminating gas fees, recovery phrases

The smart wallet will reportedly enable users to create a new wallet and join a blockchain without downloading a separate app or receiving a new recovery phrase. Instead, the smart wallet will integrate with major apps and use Face ID, users’ Google Chrome profile, fingerprint ID or Yubikey to onboard via a passkey that will be stored on users’ devices.

The smart wallet will offer self-custody and allow payments from either the user’s Coinbase Wallet or Coinbase account. Developers will have the option to choose to waive gas fees by sponsoring the transaction through a paymaster.

A companion web app will serve as the user’s primary platform and will offer asset and identity management, buying, sending, swapping, nonfungible tokens and transaction history. Coinbase promises “a fluid and intuitive experience” throughout those transactions.