Coinbase has announced that its Smart Wallet has reached a record 1 million accounts, signaling a rise in interest in cryptocurrencies and decentralized finance (DeFi).
Growth of Coinbase Smart Wallet
Coinbase Smart Wallet has recently marked a significant milestone of 1 million accounts created. On August 16, 2025, alone, about 270,000 new accounts were created, which is the second-highest in the wallet's history. This growth of 26% in accounts in August points to a substantial interest from users in wallets that offer security and convenience.
Base App's Impact on Growth
The launch of the Base app from Coinbase has been one of the factors contributing to this growth. The app simplifies the onboarding process by implementing passkey authentication, eliminating the need for complex recovery phrases. Moreover, the app incorporates social features and DeFi incentives, enhancing user engagement.
Market Trends and Criticism
The increase in Smart Wallet accounts indicates a broader trend of growing interest in cryptocurrencies. A study by the 2024 Blockchain Research Institute revealed that user-friendly features and Layer 2 scaling mechanisms are driving interest in decentralized finance. However, critics note that the Base app is centralized, raising concerns about users' security and autonomy.
The achievement of 1 million accounts in Coinbase's Smart Wallet highlights significant progress in the mainstream adoption of cryptocurrencies. While the issue of centralization remains debatable, this milestone reflects larger trends in integrating crypto tools into everyday financial transactions.
