Coinbase recently revealed the debut of its Wallet-as-a-Service (WaaS) product. The WaaS product seeks to “bring the next hundred million users into Web3 through a flawless wallet-onboarding experience.”
The Coinbase WaaS provides organizations with wallet infrastructure application programming interfaces (APIs), allowing them to create their own unique Web3 crypto wallets.
Coinbase announced it in a Twitter thread that the WaaS “is a scalable and secure set of wallet infrastructure APIs that enables firms to develop and deploy completely configurable on-chain wallets.”
Furthermore, the Coinbase wallet infrastructure supports “multi-party computation (MPC)” cryptography, eliminating the requirement to remember a complex 24-word recovery password.
The crypto exchange revealed that Tokenproof, Floor, Thirdweb, and Moonray currently utilize its Wallet-as-a-Service (WaaS).
The WaaS, according to Coinbase, will help bring the “next hundred million users into Web3.” “More and more firms are recognizing that Web3 will produce a large industry of new decentralized applications and services, and they want to let their consumers access it,” the crypto exchange said in a statement.
“When customers download the Tokenproof app, we’ll generate their first wallet, powered by Coinbase, to welcome them into Web3,” Fonz, Tokenproof’s founder, said in a statement.
“This is a huge step in making the space more open and accessible, and we’re thrilled to be working with such a dependable partner.”
The crypto exchange also offers a wallet software development kit (SDK), a payments SDK, the commerce API, and other blockchain connections in addition to the WaaS.
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