Coinbase Exchange has introduced a new smart wallet, aiming to address some of the key challenges in the cryptocurrency trading ecosystem.
Coinbase Smart Wallet to Address Some Major Pain Points
As per the announcement, this innovative wallet is crafted to streamline the onboarding process for new users. It will also enable gasless transactions, potentially easing the entry barriers for those unfamiliar with crypto operations.
One of the major pain points is the complex and often daunting process of getting started. Coinbase’s smart wallet seeks to simplify this by offering an intuitive interface and user-friendly features. New users can set up and use their wallets with minimal effort. This approach seeks to encourage wider adoption of digital currencies.
In addition to easing onboarding, the smart wallet addresses the issue of gas fees. The new wallet supports gasless transactions, which means users can perform transactions without incurring charges. This feature could make a significant difference, especially for small transactions, where gas fees might otherwise be prohibitively high.
Notably, the Coinbase Smart Wallet is compatible with eight networks, such as Base, Ethereum (ETH), Polygon (MATIC), Avalanche (AVAX), BNB, Optimism, Arbitrum, and Zora. Also, the exchange stated its intention to incorporate additional networks in the future.
Moreover, the platform has attempted to tackle the problem of users receiving notifications about insufficient available funds. By utilizing the self-custodial wallet balance or Coinbase account balances, users can prevent encountering these errors moving forward.
Coinbase Reintroduces XRP Trading
Besides these smart wallet launch, Coinbase has been in the news lately. A few weeks ago, Coinbase announced that New York residents can commence trading XRP on its platform. As reported by Crypto-Vanguard, this development is in collaboration with the State authorities backing and a response to users’ complaints.
Meanwhile, this news comes after four years when Coinbase withdrew its support owing to a legal dispute concerning the token’s classification as a security. It is expected that XRP will get more liquidity due to increased accumulation, leading to a potential increase in its price. On the part of Coinbase, the development could see greater adoption from New York residents who were once limited based on the XRP restriction.
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