Coinbase, the largest exchange in the U.S., has just unveiled its latest offering: a game-changing feature that aims to bring millions of users to web3. The new product, “Wallet as a Service” (WaaS), enables businesses to create new and innovative web3 experiences easily. Moreover, it features a simplified wallet onboarding process.
Coinbase WaaS Is A Potent Tool
With WaaS, companies can seamlessly integrate native wallets into their applications, giving users access to Web3 multi-party computation (MPC) cryptographic technology that allows them to create a “key” to be shared between the end customer and Coinbase. This key is securely stored on the user’s device, providing enhanced security for their assets.
Top companies in the web3 space, such as Floor, Moonray, Thirdweb, and Tokenproof, are already building on Coinbase’s WaaS. With this new product, Coinbase aims to attract hundreds of millions of customers to the Web3. Moreover, it simplifies the customer experience via applications or developments with infrastructure Application Programming Interfaces (APIs).
MPC and APIs allow users to have a “self-custody key” that can be used for more secure experiences even if their computer, mobile, or other device is compromised. In addition, Coinbase’s WaaS feature offers a scalable and secure set of wallet infrastructure APIs. That enables companies to create and deploy fully customizable on-chain wallets to their end users.
Companies can offer their users wallets directly in their apps with onboarding as simple as a username and password.
A New Web3 Gateway
With WaaS, businesses can provide their customers safe, secure, and easy access to web3 wallets, allowing them to focus on delivering more value and innovative products. In addition, the seamless user experience of WaaS makes it as easy to access Web3 wallets as it is to navigate Web2.
Coinbase’s WaaS users will have complete control over their assets. That includes the ability to export their keys from Coinbase’s platform at any time. The APIs will also allow Coinbase to maintain a “consistent” user experience without redirecting users to a different website or app.
This new product from Coinbase follows a series of developments made in recent months for customers and institutions that use the exchange’s services, resulting in a more secure ecosystem and ease of use for customers.
With WaaS, Coinbase aims to facilitate the entry, applications, and experience on the web3. Even for those who have not used cryptocurrency before, attracting millions of new users to the exchange. This exciting development represents a significant step forward for the entire web3 community.
In conclusion, Coinbase’s Wallet as a Service is set to revolutionize the web3 landscape, making it more accessible and user-friendly for all.
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