Coinbase Smart Wallet Targets Mass Adoption by Replacing Seed Phrases with Account Names and Passcodes
- WBOYOriginal
- 2024-07-15 18:08:281105browse
Bringing the first billion mainstream cryptocurrency adopters on the blockchain will first require more beginner-friendly applications.
Coinbase is aiming to onboard the first billion mainstream cryptocurrency adopters by making the process more beginner-friendly.
Currently, setting up a wallet with a complicated seed phase, paying for transaction fees and having to buy blockchain-native tokens to transact on a network are some of the biggest pain points for mass crypto adoption, according to Chintan Turakhia, senior director of engineering at Coinbase.
Speaking exclusively to Cointelegraph at EthCC, Turakhia said:
“The user onboarding process today is very complicated. You have to set up a wallet, get a complicated seed phase, pay for transaction fees and get native blockchain tokens to transact on a network. These are some of the biggest pain points.”
Coinbase is the world’s second-largest centralized crypto exchange by volume, boasting a daily trading volume of $1.86 billion, according to CoinMarketCap.
Coinbase Smart Wallet could become a neobank competitor
In a bid to bolster mass adoption, Coinbase recently launched its smart wallet, which boasts more beginner-friendly features.
The new wallet does away with the need for complicated seed phrases, instead offering easier sign-in options like account names and passcodes, which could become the standard for payments, according to Turakhia:
“The idea behind the Coinbase Smart Wallet is to make it easier for people to onboard into crypto. We’re replacing complicated seed phrases with easier sign-in options like account names and passcodes, which could become the standard for payments.”
To further ease the onboarding process, gas fees on the new wallet will be sponsored by the Coinbase exchange.
The wallet is available on the Ethereum mainnet and all the blockchains that are compatible with the Ethereum Virtual Machine (EVM).
Consumer apps are the “path to mass adoption”
Consumer applications with daily usage potential that are being improved by blockchain technology will be the path to mass adoption, according to Turakhia. He explained:
“Consumer apps with daily usage potential that are being improved by blockchain technology are the path to mass adoption. One such app is the Telegram-based mini-game Hamster Kombat, which has seen 239 million users in just 81 days.”
The Telegram mini app has 4 to 5 million new users joining daily, making it one of the fastest-growing digital services in the world, according to Telegram founder Pavel Durov.
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