Coinbase has introduced new solutions for connecting users to crypto wallets
Users will be able to do without seed phrases and create a wallet using email or social media
01.03.2024 - 08:17
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What’s new? US crypto exchange Coinbase has released two new wallet solutions that are designed to make it easier for novice users to access digital assets. One of them, a smart wallet, will complement the Coinbase Wallet SDK, which allows developers to instantly create wallets inside decentralized applications (DApps). With this feature, users will not need to enter seed phrases, which typically consist of 12 or 24 words.
What else is known? The feature is built on Coinbase’s Layer 2 (L2) Base network and is still in test mode. It utilizes blockchain-based account abstraction technology that provides users with recovery options in case they lose their keys.
According to Base’s developers, smart wallets can address key security and usability issues that are holding back the adoption of cryptocurrencies today.
Another feature, embedded wallets, will be launched on the cloud-based Wallet as a Service (WaaS) and will allow developers to connect new users to the blockchain directly in their apps using familiar features such as email or social media login.
Registration takes seconds, and users will not be required to know how to use gas to pay fees or sign transactions. Each wallet is tied to the app, and users can export keys whenever they want.
Coinbase will start using new Ethereum execution clients to reduce network centralization
Geth’s share is now over 70%, which creates risks of losing money when software failures occur
Coinbase previously reported $3,1 billion in revenue last year and hired former UK Treasury chief George Osborne as an advisor.
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