Is Coinbase Wallet on-Chain?

Could you please elaborate on whether the Coinbase Wallet operates on-chain or off-chain? Understanding the underlying technology is crucial for investors and cryptocurrency enthusiasts. On-chain transactions imply direct interaction with the blockchain, ensuring transparency and decentralization. Off-chain transactions, on the other hand, may offer faster and cheaper transactions but may compromise on these key aspects. Clarifying this distinction would greatly assist those seeking to utilize the Coinbase Wallet effectively.