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Top U.S. crypto exchange Coinbase has launched its new Smart Wallet, aiming to ease entry into the DeFi space for new users. The wallet offers a user-friendly setup and gasless transactions, designed to work across multiple networks and apps. 
Coinbase’s <a href="https://wallet.coinbase.com/" target="_blank" rel="noreferrer noopener nofollow">Smart Wallet</a> simplifies the onboarding process, eliminating the need for traditional recovery phrases. Instead, it uses industry-standard passkeys and a companion web portal.&nbsp; 
The wallet connects to multiple blockchain networks including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora. Users can create a free, secure, self-custody wallet in seconds using features like Face ID, Google Chrome profiles, and Yubikey. 
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 The wait is over. Smart wallets are here. <a href="https://t.co/jtXUNu1dq3" target="_blank">pic.twitter.com/jtXUNu1dq3</a>— Coinbase Wallet 🛡️ (@CoinbaseWallet) <a href="https://twitter.com/CoinbaseWallet/status/1798363214901837884?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 5, 2024</a>
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The wallet addresses common DeFi challenges, such as managing balances across multiple wallets. Users can draw from their Coinbase account balances or self-custodial wallet balances for transactions.&nbsp; 
Developers are encouraged to integrate the Smart Wallet into their apps, with Coinbase offering up to $15,000 in gas credits through a Base Gasless Campaign. 
<h3 class="wp-block-heading" id="strong-impact-on-base-network-strong">Impact on Base Network</h3> 
The launch of the Smart Wallet has driven increased activity on Coinbase’s Layer 2 network, Base. The total value locked (TVL) on Base reached an all-time high of over $1.771 billion, a 1.5% increase in the past 24 hours. Top protocols like Aerodrome, Uniswap, and Extra Finance have contributed to this growth.&nbsp; 
The wallet’s features, such as gasless transactions through “paymaster” sponsorships, enhance the user experience by covering gas fees, making transactions more accessible. 
Coinbase’s Smart Wallet is set to simplify on-chain activities, potentially bringing one billion users to the crypto space. The launch also marks a significant step in improving the overall DeFi user experience, enhancing both accessibility and functionality. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/03/coinbase-fuel-crypto-focused-pac-with-25-million-boost/" target="_blank" rel="noreferrer noopener">Coinbase Fuel Crypto-Focused PAC with $25 Million Boost</a> 
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Coinbase Introduces Smart Wallet to Boost DeFi Adoption

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The Crypto Times

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