Coinbase, founded in 2012, has grown into one of the most recognized cryptocurrency exchanges, with over 100 million registered users. Known for its user-friendly interface, Coinbase has been the entry point for many into the world of centralized finance (CeFi). Recently, Coinbase launched its Ethereum Layer 2 solution, Base, which has quickly become a significant player in the decentralized finance (DeFi) ecosystem. With impressive onchain profits and growing total value locked, Base has demonstrated its potential to enhance DeFi accessibility.
Coinbase is now targeting a broader audience with its new smart wallet, unveiled to eliminate common barriers in DeFi. Traditional obstacles such as seed phrases and gas fees deter many from fully embracing DeFi. Coinbase’s smart wallet addresses these issues by integrating funding directly from a user’s Coinbase account, removing the need for users to manage gas tokens separately. The wallet also features advanced security measures, utilizing Passkeys through Apple’s Face ID, Google Chrome profiles, Yubikey, or fingerprint authentication, making it more user-friendly and secure.
To encourage the adoption of its smart wallet, Coinbase offers gas credits of up to $15,000 to applications integrating this feature. This initiative aims to reduce the initial costs for users, making DeFi transactions more accessible and affordable. At launch, the smart wallet supports multiple blockchains, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, with plans to add more in the future.
Coinbase’s reputation as a publicly traded company and its longevity in the crypto space provide a strong foundation for attracting new users. By simplifying the onchain experience, Coinbase aims to onboard the next billion users into the crypto ecosystem, bridging the gap between CeFi and DeFi and making blockchain technology more accessible to the masses.
