The platform launches its first online wallet, without extension or application. The holder will use a password, the Face ID of their iPhone, or their Google Chrome account to protect it.
A new type of wallet for storing your cryptocurrencies is coming to Coinbase. The platform announced on June 5 that it was launching the “smart wallet”. It should be available in June.
This “smart wallet” allows you to access your cryptocurrencies faster and easier, according to the company. It allows you to store, exchange, and spend your cryptocurrencies. The major change is that users can create a wallet in a few clicks on the internet, without having to “worry about recovery phrases”. There is no mobile app, no extension, no password and no secret code. It is a usable online wallet that aims to make the user experience easier and lower transaction fees.
This wallet is an SDK, an open protocol that allows users to connect their wallets to different applications. Note that it will be possible to pay from the “smart wallet” or from the balance of your Coinbase account directly.
How is the smart wallet secure?
No more recovery phrases with several words, the “smart wallet” allows users to create an account and access a wallet. To secure their “smart wallet”, the user will use either a password, the Face ID of their iPhone, their Google Chrome account or their fingerprint. In short, these new wallets are secured by passwords stored on the user’s device. Coinbase specifies that “key signatures are validated directly on-chain through an open source smart contract” which examines computer codes to verify that there are no potential vulnerabilities. Coinbase therefore never holds the access keys and never has access to user funds. Coinbase’s goal here is to give users a “smooth, intuitive experience while staying in control of their money and without compromising their security.”
Source: https://www.bfmtv.com/crypto/comment-le-smart-wallet-ce-nouveau-portefeuille-que-lance-coinbase-marche-t-il_AV-202406140789.html
