On March 8, Coinbase announced the launch of its Wallet-as-a-Service (WaaS) product, which is “a seamless wallet-on-boarding experience to bring the next of 100 million consumers to Web3. “Coinbase WaaS provides businesses with an application programming interface (API) to the wallet infrastructure, allowing businesses to build their own custom Web3 crypto wallets.
Coinbase’s Wallet-as-a-Service aims to simplify onboarding
Coinbase Global (Nasdaq: COIN) has revealed a newaddition to itssuite of offerings: Wallet-as-a-Service (WaaS). in a Twitter thread. Coinbase stated that WaaS is “a scalable and secure wallet infrastructure API set that allows companies to create and deploy fully customizable on-chain wallets.” Additionally, Coinbase’s wallet infrastructure provides,“multi-party computation (MPC)” ciphers, eliminating the need to manage complex 24-word recovery phrases.
1/ Today, Wallet as a Service makes it easy for any company or brand to seamlessly onboard users to web3 🛠️⛓️
… Even if you’ve never used cryptocurrency before. pic.twitter.com/5IKUJHpQlS
– Coinbase (@coinbase) . 8 Mar 2023
Coinbase detailed that crypto companies likeToken Proof, floor, Third WebandMoonrayis already using the company’s Wallet-as-a-Service (WaaS), and Coinbase believes WaaS will help “bring the next 100 million consumers to Web3.” More and more companies are recognizing that Web3 will create a huge industry of new decentralized applications and services, and they want to empower their customers to access them,” Coinbase said in its announcement.
“When users download the Tokenproof app, they create their first Coinbase-powered wallet and are welcomed into Web3.” said Tokenproof founder Fonz in a statement.” This is an important step in making this space more approachable and accessible, and we are excited about the opportunity to work with such a trusted partner.” In addition to WaaS, Coinbase offers developers a Wallet Software Development Kit (SDK), Payments SDK, Commerce API, and other blockchain integrations.
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