Coinbase announces the launch of a “Wallet-as-a-Service”

·09/03/2023
·Laeti Marison (SatoshiBelle)

Coinbase has launched Wallet as a Service (WaaS), a solution that allows businesses to create and deploy on-chain, user-friendly wallets for their customers.

This Wednesday afternoon, crypto exchange Coinbase announced the launch of its new Wallet as a Service offering, a “scalable and secure set of wallet infrastructure APIs.”

Concretely, with this service, Coinbase wants to offer a solution to the complexity of wallets, which remains a barrier to mainstream adoption, due to mnemonic requirements (seed phrases, or backup recovery) and austere and unintuitive interfaces.

This would allow any business to create fully customizable on-chain wallets for their customers,” the cryptocurrency exchange platform claims in a statement.

1/ Today we introduce Wallet as a Service, making it easier for any company or brand to seamlessly onboard their users to web3 🛠️⛓️

…even if they have never used cryptocurrency before. pic.twitter.com/5IKUJHpQlS
— Coinbase (@coinbase) March 8, 2023

With Wallet as a Service, Coinbase thus hopes to enable businesses, including non-Web3 natives, to offer customizable and easy-to-use crypto wallets to their customers.

The service could also be useful in many cases, such as for crypto gaming applications where non-fungible tokens (NFTs) are used, or for companies that would like to integrate a wallet into an application in a way that is “almost invisible to the end user,” according to Patrick McGregor, Coinbase’s product manager

End users can explore Web3 without having to manage a complicated 24-word recovery phrase, as WaaS is powered by MPC technology, Coinbase says, noting that they only need a username and password to use their wallet.

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Article written by: Laeti Marison (SatoshiBelle)

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at Trendingcrypto.news magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.