Coinbase Launches Wallet-as-a-Service to Bring Millions to Web3
On March 8th, Coinbase announced the launch of its product Wallet-as-a-Service (WaaS). The WaaS product aims to “bring the next hundred million consumers to Web3 through a seamless wallet onboarding experience.” The Coinbase WaaS provides wallet infrastructure application programming interfaces (APIs) for businesses to create their own custom Web3 crypto wallets.
Coinbase Wallet-as-a-Service aims to simplify onboarding
Coinbase Global (Nasdaq: COIN) has revealed a new addition to its suite of offerings and services: Wallet-as-a-Service (WaaS). In a Twitter thread, Coinbase explained that WaaS is “a scalable and secure set of wallet infrastructure APIs that enables businesses to build and deploy fully customizable on-chain wallets.” Additionally, Coinbase’s wallet infrastructure offers “Multi-Party Computation (MPC)” cryptography, eliminating the need to manage a complicated 24-word recovery phrase.
1/ Today we are introducing Wallet as a Service that makes it easy for any business or brand to seamlessly onboard its users to web3 🛠️⛓️
…even if they’ve never been before cryptocurrency have used. pic.twitter.com/5IKUJHpQlS
— Coinbase (@coinbase) March 8, 2023
Coinbase explained that crypto companies such as brand safe, Floor, thirdwebAnd moonbeam are already using its Wallet-as-a-Service (WaaS). Coinbase believes WaaS will help bring the “next hundred million consumers to Web3.” “More and more companies are realizing that Web3 will spawn a huge industry of new decentralized applications and services, and they want to give their customers access to them,” Coinbase explained in the announcement.
“When users download the Tokenproof app, we create their first wallet, powered by Coinbase, to welcome them to Web3,” Fonz, Tokenproof’s founder, said in a statement. “This is a significant step in making the space more accessible and approachable, and we’re excited for the opportunity to work with such a trusted partner.” Alongside WaaS, Coinbase offers developers a Wallet Software Development Kit (SDK), a payment SDK , the CommerceAPI and other Blockchain-Integrations.
What do you think of Coinbase Wallet-as-a-Service? Let us know in the comment section below.
photo credit: Shutterstock, Pixabay, WikiCommons
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Source: Crypto News Deutsch
