Coinbase Unveils Revolutionary Smart Wallet to Simplify Crypto Trading

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Coinbase Exchange has launched a new smart wallet designed to tackle key challenges in the cryptocurrency trading ecosystem, making it easier for new users to get started and reducing transaction costs. 

According to a report by Crypto-Vanguard, the smart wallet is in sync with eight other networks namely Ethereum, Base, Optimism, Avalanche, and Zora. Others are Polygon, BNB, and Arbitrum. Meanwhile, Coinbase says the goal is to expand and incorporate other networks over time.

Coinbase Streamlined Onboarding Process

As per the smart wallet features, it is designed to streamline the enrolment procedure for new users. The smart wallet simplifies all the complex hurdles in getting started with crypto. Notably, the Coinbase smart wallet is user-friendly and allows new users to set up and use their wallets with little effort. These advantages position it for wider adoption.

Additionally, Coinbase smart wallet users do not have concerns of gas transactions as it supports gasless transactions. This feature could boost its adoption, particularly among users seeking to avoid exorbitant gas fees.

Addressing Insufficient Funds Notifications

Another issue the smart wallet tackles is the problem of users receiving notifications about insufficient available funds. By utilizing the balance from the self-custodial wallet or Coinbase account balances, users can avoid these errors, ensuring smoother transactions.

Beyond the unveiling of the smart wallet, coinbase recently revived its presence in New York as it made XRP available for residents there. The reintroduction came after being absent for four years due to legal issues surrounding the classification of the token as security by the regulatory body.

Coinbase Flexibility Options

Last month, Coinbase also provided users with the option of choosing between using Lightning and the Bitcoin network when making BTC transfers. The exchange integrated layer-2 Lightning Network to enable customers to perform BTC transactions quickly and cheaply compared to when done on the Bitcoin blockchain.

Analysts say overall, Coinbase’s new smart wallet and its recent initiatives demonstrate the exchange’s commitment to enhancing user experience. The smart wallet user-friendliness is seen as a unique selling point that will aid in expanding its services in the competitive cryptocurrency market.

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