Coinbase launches Wallet as a Service
The service ensures that self-custody keys are safe even if a user’s device is compromised. Even if an end user loses access to their device, the key to their web3 wallet is still safe and can be securely stored.
Coinbase has announced the launch of its Wallet as a Service (WaaS) solution, a scalable and secure set of wallet infrastructure APIs, enabling companies to create and deploy fully customizable onchain wallets to their end users.
Firms can tap Coinbase’s WaaS in order to offer their users wallets directly in their apps with onboarding as simple as a username and password.
Coinbase Wallet as a Service to tap into potential of Web3
The service empowers companies looking to tap into the potential of web3, such as:
- Gaming companies enabling users to trade in-game items and currency or creating token-based rewards.
- Retailers providing personalized shopping and onchain loyalty programs
- social companies building stronger communities with creators and viewers. By engaging in web3, companies can create new revenue streams, strengthen user engagement, and encourage reward redemption across participating businesses.
Powered by Multi-Party Computation (MPC) cryptographic technology, which allows a ‘key’ to be split between the end user and Coinbase, the WaaS ensures that self-custody keys are safe even if a user’s device is compromised. Even if an end user loses access to their device, the key to their web3 wallet is still safe and can be securely stored.
According to the publicly-listed digital asset company, the Coinbase Wallet as a Service features:
Seamless user experience: Allow your users to access web3 wallets with the ease of use of web2. Users can create, access, and restore their wallets with authentication as simple as a username and password. This makes it easy for anyone to start using web3, even if they have never used cryptocurrency before.
Secure: Wallets deployed using WaaS use advanced multi-party computation (MPC) for added security, helping keep user assets safe by securely dividing, encrypting, and distributing keys among multiple parties. This is a significant improvement over traditional web3 wallets that require users to manage their keys alone.
Key ownership: Users have full control over their assets, including an option to export their keys off platform at any time.
Native integration: With our APIs, companies can build native wallets into their applications, thus maintaining a cohesive user experience with no need to redirect users to a separate website/app.
Built for scale: We have a proven track record in providing secure, scalable and user-friendly gateways to web3 that can reliably service hundreds of millions of users.