WaaS (Wallet as a Service) reportedly employs cutting-edge Multi-Party Computing (MPC) technology to protect the private keys of its users.
Coinbase has announced that released and launched a new Web3 wallet solution called “Wallet as a Service” (WaaS) on the Ethereum mainnet. The new service, a version of the crypto company’s cloud product, went live on May 23 and uses multi-party calculation (MPC), according to a Twitter announcement from a software developer at the company.
The Coinbase engineer also noted that the new service is a direct-to-end-user product. WaaS (Wallet as a Service) reportedly employs cutting-edge Multi-Party Computing (MPC) technology to protect the private keys of its users. It is equipped with MPC for both key generation and message signing, which guarantees the maximum security properties of these decentralized algorithms.
According to the post, customers using the MPC wallet solution can create, access, and recover their wallets with just a username and password. Coinbase initially launched this offering in March, selling it as a means for businesses to provide their customers with “fully customizable on-chain wallets.”
Coinbase representatives at the time emphasized that the use of Multi-Party Computation (MPC) cryptographic technology allows end users to interact with Web3 without the need to handle a complex 24-word recovery phrase.
MPC solutions are commonly known for splitting the private key associated with a wallet into multiple shards. These shards can be distributed among multiple owners, ensuring the safe storage of your digital assets.
MPCTransactionService, another unique WaaS feature, according to the Twitter announcement, “implements a complex state machine to fulfill MPC-signed transactions from build to commit. It handles reorganizations, replacements, retries, and more.”
WaaS also boasts of the option of Web3 interactions via API and SDK, as well as support for ERC-721 and ERC-1155 for NFT holders, as these users can mint NFT PFPs, distribute fan loyalty points, or create an item in the game. with just a few REST API calls.
A variety of digital assets can be purchased with Coinbase’s Pay SDK. According to the exchange, a second Coinbase API makes it easier for businesses to onboard cryptocurrency-based payments, including DeFi solutions.
Coinbase’s recent product introductions seem to be giving the company a boost amid its ongoing legal troubles with the US Securities and Exchange Commission (SEC). ENS Domains has reportedly integrated the crypto company’s wallet-as-a-service product.
In May, the Ethereum-based name service joined forces with Moonpay, and the collaboration allowed users to purchase .eth domain names with fiat.
Speaking about recent developments around ENS and its integration with Waas, a Coinbase representative told reporters that “there is more to come.”
Earlier this month, Coinbase revealed plans to expand in Singapore on top of its previous plans to create a derivatives exchange in Bermuda. The cryptocurrency exchange plans to increase its international presence in 35 countries and has expanded its Coinbase One subscription service to the UK, Germany and Ireland.
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