Coinbase Launches Wallet as a Service, Enabling Companies to Seamlessly Onboard Users to Web3
Coinbase has announced Wallet as a Service (WaaS), enabling any company worldwide to build fully customizable on-chain wallets for their customers. WaaS will facilitate companies in bringing more users into web3 through a seamless wallet-onboarding experience.
Coinbase’s WaaS is a scalable and secure set of wallet infrastructure APIs that will help companies create and deploy fully customizable on-chain wallets to their end-users. This move will simplify the process of web3 wallets, enabling users to explore web3 without managing a complicated 24-word recovery phrase. WaaS is powered by Multi-Party Computation (MPC) cryptographic technology, which ensures that self-custody keys are safe, even if a user’s device is compromised.
The company will allow companies to offer their users wallets directly on their apps, enabling their customers to engage with web3 without any technical knowledge. Companies can offer personalized shopping and on-chain loyalty programs, while social companies can create stronger communities with creators and viewers. Through this, companies can create new revenue streams, strengthen user engagement, and encourage reward redemption across participating businesses.
Several companies like Floor, Moonray, thirdweb, and tokenproof have already partnered with Coinbase to onboard users to web3 experiences across gaming, token-gated events, and digital marketplaces. Tokenproof’s Founder, Fonz, expressed his excitement about this collaboration, saying, “This is a huge step towards making the space more approachable and accessible, and we’re excited by the opportunity to work with such a highly trusted partner.”
Coinbase’s WaaS will allow companies to provide their users with safe, secure, and easy access to web3 wallets. These fully customizable and reliable APIs will free up resources that would be spent navigating the nuances of blockchain infrastructure, allowing companies to focus on delivering more value and innovative products to their customers.
WaaS will allow users to create, access, and restore their wallets with authentication as simple as a username and password, making it easy for anyone to start using web3, even if they have never used cryptocurrency before.
Enterprises, startups, and institutions are constantly searching for new ways to provide value to their customers, and more and more companies are realizing that web3 will generate a massive industry of new decentralized applications and services. Once companies start to explore building gateways to web3, they quickly learn the complexities of key management, scalability, security, UX, and much more.
This process can require significant time, resources, money, and expertise, which could be better spent on providing value to their end-users. By partnering with Coinbase, companies can work with a partner who has a proven track record in providing secure, scalable, and user-friendly gateways to web3, allowing them to focus on their core business while Coinbase takes care of the technicalities.
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