Coinbase Adds 'Smart Wallet' Feature, So Lengthy Seed Phrases Aren't Needed
Summary
Coinbase is launching two new wallet solutions, the smart wallet and embedded wallets, to simplify the onboarding process for new cryptocurrency users. The smart wallet, part of Coinbase Wallet SDK, allows developers to create wallets instantly without complex systems like seed phrases. It is built on Coinbase’s layer-2 network Base and uses account abstraction for key recovery. The embedded wallets, powered by "wallet as a service," enable companies to customize blockchain wallets for their customers. Coinbase aims to make smart wallets the default by 2024 to improve security and usability, and believes evolving wallets is crucial for bringing a billion users on-chain.
