13/06/2023, 14:23 Crypto Wallet Provider Safe Launches Developer Stack Enabling Account Abstraction

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Technology

Crypto Wallet Provider Safe Launches Developer Stack

Enabling Account Abstraction

The open-source stack will allow developers to build Web3 apps that enable account
abstraction while maintaining a Web2 user experience.

By Margaux Nijkerk

Mar 1, 2023 at 6:00 p.m.

Updated Mar 1, 2023 at 7:30 p.m.

(Danial Igdery/Unsplash)

Safe, the maker of a popular crypto wallet that branched off of Gnosis, is launching Safe{Core}, an open-
source stack
Bitcoin for+0.60%
$26,131.00 developers that
Ethereum enables
$1,749.15 Account
+0.10% Abstraction,
Binance Coin a key Ethereum
$236.81 +0.91% upgrade.
XRP $0.55235545 +6.17% Card

Crypto Prices CoinDesk Market Index

Account Abstraction turns Ethereum accounts into smart contract accounts, allowing users to have a more
user-friendly crypto experience and enabling social recovery (meaning users can regain access to their
accounts in the event that their keys are lost).

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13/06/2023, 14:23 Crypto Wallet Provider Safe Launches Developer Stack Enabling Account Abstraction

The release of Safe{Core} will allow developers to build Web3 apps with Account Abstraction in a Web2-
level user experience, Safe said. As part of the release of Safe{Core}, Safe is teaming up with payment
processing giant Stripe, and web3 infrastructure firms Gelato and Web3Auth, to help enhance “fiat on-
ramping,” “transactions fees,” and “authentication,” according to their press release.

Account Abstraction has made a lot of noise recently in the Ethereum ecosystem. It is seen as a major
upgrade that can improve user experience, and make it harder to lose access to one’s crypto holdings.

Read more: Ethereum Upgrade Could Make It Harder to Lose All Your Crypto

In December, Visa released a blog saying it would consider using Account Abstraction on StarkNet, a layer
2 network atop Ethereum, to execute automatic crypto payments.

The news from Safe comes after a previous announcement that the company’s Account Abstraction
infrastructure and software developer’s kit (SDK) went live on Coinbase’s newly launched layer 2, Base. This
allows developers to start building applications that use smart contract wallets with Safe’s SDK on Base’s
Goerli testnet.

“Account Abstraction makes it so that they don't have to worry about your account on Web3 anymore,” said
Richard Meissner, the co-founder of Safe.

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Read more: Ethereum Upgrade Could Make It Harder to Lose All Your Crypto

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Margaux Nijkerk

Margaux Nijkerk reports on blockchain protocols with a focus on the Ethereum

ecosystem. A graduate of Johns Hopkins and Emory universities, she has a
masters in International Affairs & Economics. She holds a very small amount of ETH
and other altcoins.

Follow @cryptauxmargaux on Twitter

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standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in
cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to
DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

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