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On March 8, Coinbase announced the launch of its Wallet-as-a-Service (WaaS) product. The WaaS product aims to “bring the next hundred million consumers into Web3 through a seamless wallet onboarding experience.” Coinbase WaaS provides wallet infrastructure application programming interfaces (APIs) to companies, allowing them to build their own custom Web3 crypto wallets.
Coinbase Global (Nasdaq: COIN) has revealed a new addition to its suite of offers and services: Wallet-as-a-Service (WaaS). In a Twitter thread, Coinbase stated that WaaS “is a scalable and secure set of wallet infrastructure APIs, enabling companies to create and deploy fully customizable onchain wallets.” In addition, the Coinbase wallet infrastructure provides “multi-party computation (MPC)” cryptography, which removes the need to manage a complicated 24-word recovery phrase.
1/ Today we are introducing Wallet as a Service, making it easier for any company or brand to seamlessly integrate their users on the web3 🛠️⛓️
… even if they have never used cryptocurrency before. pic.twitter.com/5IKUJHpQlS
— Coinbase (@coinbase) March 8, 2023
Coinbase detailed that crypto firms such as Tokenproof, Floor, Thirdweband Moonbeam already use Wallet-as-a-Service (WaaS). Coinbase believes that WaaS will help bring the “next hundred million consumers into the Web3.” “More and more companies are realizing that Web3 will generate a massive industry of new decentralized applications and services, and they want to give their customers access to it,” Coinbase stated in the announcement.
“When users download the Tokenproof app, we create their first wallet, powered by Coinbase, to welcome them to Web3,” Fonz, the founder of Tokenproof, said in a statement. “This is an important step toward making the space more accessible and accessible, and we’re excited for the opportunity to work with such a highly trusted partner.” In addition to WaaS, Coinbase provides developers with a wallet software development kit (SDK), a payment SDK, trading API, and other blockchain integrations.
What are your thoughts on Coinbase’s Wallet-as-a-Service? Let us know in the comments section below.
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