The blockchain industry is constantly evolving and Coinbase is leading the charge with their latest offering, Wallet-as-a-Service (WaaS). With the WaaS product, Coinbase aims to bring millions of customers into Web3 with ease. On March 8th, Coinbase officially launched its WaaS product, allowing companies to easily build their own custom crypto wallets. This powerful product provides companies with wallet infrastructure application programming interfaces (APIs) that enable them to develop their own custom Web3 crypto wallets. Through the WaaS product, Coinbase is setting a precedent for unlocking Web3 technologies and bringing the next hundred million customers into the space. In this article, we will explore how Coinbase’s WaaS product has the potential to revolutionize the blockchain industry and bring millions of customers into Web3.
Unlocking Web3 Technologies with Coinbase’s Wallet-as-a-Service (WaaS)!
Coinbase Global, one of the leading exchanges for cryptocurrency trading, recently launched Wallet-as-a-Service (WaaS). The goal of this innovative service is to simplify and streamline the onboarding process for businesses while providing a secure way to manage digital assets. WaaS enables companies to create and deploy onchain wallets quickly and easily, eliminating the need for complex multi-signature setups.
What makes WaaS so valuable is its use of Multi-Party Computation (MPC) cryptography. This technology allows multiple users to input separate pieces of data which can then be securely combined into an encrypted result. The MPC technique also helps protect against the need to manage a 24-word recovery phrase. In other words, customers who use WaaS will have all their wallet data stored securely in one place without needing to worry about managing long recovery phrases.
In addition, there are already several companies taking advantage of WaaS. Tokenproof, Floor, Thirdweb and Moonray are just some of the organizations that have adopted WaaS. Coinbase provides developers with the necessary tools to integrate with the WaaS platform, such as a wallet SDK, payments SDK, the commerce API and other blockchain integrations.
Overall, Coinbase’s Wallet-as-a-Service has opened up new opportunities for businesses looking to get involved in Web3 technologies. By simplifying the onboarding process and providing a secure way to manage digital assets, millions more users will now have easier access to blockchain and cryptocurrency technologies.
Coinbase’s Wallet-as-a-Service (WaaS) has the potential to revolutionize the digital payment industry, by unlocking Web3 technologies and bringing millions of users to the Web3 space. This significant innovation from Coinbase is sure to make a lasting impact in the payments industry and will provide a much needed boost in the adoption of Web3 technologies. With Coinbase at the helm, the future looks very bright for Web3 technologies and the wider digital payment industry.