Coinbase Unveils Smart Wallets
Loopring Faces Security Breach, Robinhood To Buy Bitstamp Exchange For $200 Million
Coinbase has introduced Smart Wallets, a highly cutting-edge feature that makes the burdens of daily crypto activities seem obsolete.
The announcement describes Smart Wallets as entities residing in a browser with no extensions or installations required, without seed phrases, for universal one-wallet use across dApps and L2s.
The features include easy access to Coinbase balances, Passkey-based onboarding with no seeds, and gasless experiencees through fee sponsorships.
Smart Wallets are now on testnet, open for user waitlist and for developers to start building already.
Developers are enabled to build right after updating the Coinbase SDK or another supported service, and get educated on the feature by visiting the docs.
The Smart Wallet support works like any other EVM, without the need for custom additional services.
Initially, it will support 8 chains - Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora.
"Smart wallets are secured by passkeys stored on the user's device."
A feature called Spend with Coinbase enables users to spend funds without holding any in their wallet - direct onboarding on-chain.
Smart Wallets should arrive on mainnet this quarter.
Market Update
News
Uniswap CEO Proposes Eliminating Ethereum Fees
Following the advancements of the Dencun upgrade, Hayden Adams went to X to say that no user should hear the term “gas fee“. Eliminating gas fees could significantly enhance the user experience on platforms like Uniswap by making transactions more cost-effective. | Read More
Ethereum Hits $16 Billion In Open Interest Amid Price Rebound
One of the key indicators of Ethereum's potential for a bullish recovery is its open interest in futures contracts, which remains above $16 billion. Open interest refers to the total number of outstanding derivative contracts, such as futures or options, that have not been settled. | Read More
Cardano Prepares For 'Voltaire Era' With Node 9.0 Launch
Cardano is gearing up for a significant milestone with the upcoming launch of Cardano Node 9.0. This update is set to pave the way for the Chang hard fork and usher in the Voltaire era. The Voltaire era represents a new phase in Cardano's development, focusing on decentralized governance. This means that the decision-making process will be opened up to the community. | Read More
Loopring Faces Security Breach in Smart Wallets
Loopring reported that attackers exploited the recovery process of its smart wallets, specifically targeting the Guardian feature. By impersonating wallet owners, the attackers were able to reset wallet ownership and withdraw funds. The breach led to the theft of approximately 1,373 ETH. The compromise was attributed to a failure in Loopring's 2FA service. | Read More
Robinhood’s Acquiring Bitstamp Exchange for $200M
Robinhood's acquisition of the UK-based Bitstamp is a strategic effort to grow its crypto trading capabilities outside the United States. Bitstamp, founded in 2011, is one of Europe's largest crypto exchanges. It offers over 85 cryptocurrencies and holds more than 50 global licenses. | Read More