Cryptocurrency expert Lark Davis recently delved into the intricacies of the new Coinbase Smart Wallet. The CoinSpeech team collected the most important takeaways from his recent appearance. You can find Lark Davis’s new video below.
A Seamless Onboarding Experience
Davis kicks off by noting the simplicity of setting up the Coinbase Smart Wallet, which he claims is so user-friendly that “even your grand mamy can use it.” Gone are the days of desperately hunting for a pen and paper to jot down seed phrases. The new wallet “says goodbye to seed phrases and says hello to pasis,” simplifying the user experience considerably.
Integration with Existing Systems
The wallet easily connects to your Coinbase account, “automatically if you’re using the same associated device.” This deep integration allows users to transfer assets directly or purchase cryptocurrency using their connected bank accounts, making funding your wallet a breeze.
Portfolio Management Made Simple
In terms of managing your crypto portfolio, the smart wallet offers a feature that allows users to “keep track of all of your assets in just one place.” According to Davis, this functionality is a significant relief for those who find it challenging to juggle multiple wallets and chains.
Onboarding New Users
One of the most revolutionary aspects of the Coinbase Smart Wallet is its ability to “get newbies interacting on-chain for the first time,” even if they’ve never used a cryptocurrency wallet before. With features like dapp compatibility and an intuitive user interface, the wallet provides an inviting Web2-like experience that should appeal to mainstream users.
NFT and Dapp Integrations
The wallet already supports several dapps and NFT projects. Davis highlighted innovative use cases like NFTs from artists Emily Shea and Petra Voice. “You can instantly create [a wallet] with no seed phrase if you find around en crypt,” he explained, showcasing the wallet’s capability to bring new users into the fold easily.
The Pros and Cons
Positives
- Extremely user-friendly and easy to set up.
- No need for seed phrases or browser extensions.
- Highly efficient and integrates deeply with Coinbase services.
- Offers gas fee coverage by decentralized applications, making it more accessible for casual users.
Negatives
- Limited blockchain support, with notable exclusions like Solana.
- Currently, only a limited number of protocols are supported.
- May not suit users that prefer high security over convenience.
Conclusion
Davis suggests that the wallet “isn’t for everyone,” especially those who prefer high security for large amounts of crypto. However, it’s an excellent option for newcomers and those looking to streamline their crypto activities. “It’s working in sync together: Base, Coinbase, the smart wallet. It’s the Trinity,” he concludes.