On March 8, Coinbase announced the launch of its Wallet-as-a-Service (WaaS) product. The WaaS product aims to “attract the next hundred million consumers to Web3 through a seamless wallet onboarding experience.” Coinbase WaaS offers wallet infrastructure APIs to businesses, allowing them to create their own custom Web3 crypto wallets.
Coinbase’s Wallet-as-a-Service Aims to Make Onboarding Simple
world coinbase (Nasdaq: CURRENCY) has revealed a new addition to its suite of offerings 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 businesses to create and deploy fully customizable on-chain wallets.” Also, the Coinbase wallet infrastructure provides “Multi-Party Computing (MPC)” cryptography, which eliminates the need to manage a complicated 24-word recovery phrase.
1/ Today we present Wallet as a service, which makes it easier for any company or brand to seamlessly incorporate its users into web3 🛠️⛓️
…even if they have never used cryptocurrency before. pic.twitter.com/5IKUJHpQlS
—Coinbase (@coinbase) March 8, 2023
Coinbase detailed that crypto companies such as token proof, Floor, third websiteand Moonlight are already using your Wallet-as-a-Service (WaaS). Coinbase believes that WaaS will help attract the “next hundred million consumers to Web3.” “More and more companies realize that Web3 will spawn a massive industry of new decentralized applications and services, and they want to empower their customers to access it,” Coinbase stated in the announcement.
“When users download the Tokenproof app, we will 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 in making the space more affordable and accessible, and we are excited at the opportunity to work with such a trusted partner.” In addition to WaaS, Coinbase provides developers with a wallet SDK, a payments SDK, the commerce API, and other blockchain integrations.
What do you think about Coinbase’s wallet-as-a-service? Let us know in the comments section.
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