Coinbase has launched a new business solution for enterprises looking to offer Web3 wallets to their customers — which it says will improve adoption of Web3 products and services.
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
Coinbase’s Wallet-as-a-Service, or WaaS, will provide enterprises with the technical infrastructure to build and launch customized on-chain wallets. As the exchange announced on March 8th, in particular, WaaS provides a wallet application programming interface (API) that enables businesses to create wallets for simple hospitality and loyalty programs. or in-game purchases
According to Coinbase, the Web3 wallet has trouble gaining wide adoption due to complexity, poor user experience, and challenges associated with maintaining seeds.
WaaS solves the complexity of Web3 wallets, said Coinbase’s Chief Product Officer for Web3 Developer Platform Patrick McGregor. “Controlling the end-to-end product experience” and reducing “operational costs and complexity” and enabling brands to improve security while reducing risk.
“Today, companies are forced to push users through a confusing onboarding process. It often instructs users to download cryptocurrency wallets. self-custodial “This results in a higher abandonment rate of users during onboarding. This means that the company cannot deliver the product to the user.”
WaaS incorporates multi-party computation (MPC), a form of encryption that allows multiple parties to collaboratively compute functions without revealing their inputs to each other. in practice It is said that MPC will increase private key security within the Web3 platform. The MPC crypto wallet will allow users to store their digital assets more securely as their private key is split into multiple parts. and distributed among the parties involved in the protocol
The WaaS infrastructure is being used by companies such as Floor, Moonray, thirdweb and tokenproof.
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