Coinbase Launches WaaS a.k.a. ‘Wallet as a Service’ Allowing for Seamless Web3 Onboarding
Coinbase, the renowned cryptocurrency exchange, announced the launch of its latest initiative, Wallet as a Service (WaaS). With WaaS, any company can easily onboard its users into web3 by creating and deploying fully customizable on-chain wallets through secure wallet infrastructure APIs.
WaaS allows companies to provide their users with the same ease of use and convenience as traditional web2 applications, with authentication as simple as a username and password. WaaS also ensures that users have complete control over their assets, with the option to export their keys off the platform anytime.
Web3 presents a wealth of opportunities for companies to better engage and serve their customers, creating new revenue streams and encouraging reward redemption across participating businesses.
However, the complexity of web3 wallets is one major challenge that prevents many companies from capitalizing on these opportunities. WaaS solves this problem by offering a scalable and secure set of wallet infrastructure APIs, enabling companies to build fully customizable on-chain wallets for their customers.
Coinbase’s WaaS is powered by Multi-Party Computation (MPC) cryptographic technology, which allows a ‘key’ to be split between the end-user and Coinbase.
MPC ensures that self-custody keys are safe even if a user’s device is compromised. Advanced and automatic backup with MPC guarantees that even if an end user loses access to their device, the key to their web3 wallet is still secure and can be stored.
Companies like Floor, Moonray, ThirdWeb, and TokenProof are already building with Coinbase WaaS, making web3 more accessible to a new wave of users.
Coinbase empowers developers with APIs and services to help simplify the process of dApp development and onboard millions of new users into web3, such as their recent project, Base. In addition to WaaS and Base, Coinbase offers a fiat on-ramp through Pay SDK, trading APIs, Wallet SDK, and other resources.
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