Coinbase Drives Web3 Innovation with 'Wallet as a Service'

Coinbase Drives Web3 Innovation with ‘Wallet as a Service’

UTC by Benjamin Godfrey · 3 min read
Coinbase Drives Web3 Innovation with ‘Wallet as a Service’
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One of the standout features of Coinbase Embedded Wallet is its security, backed by advanced Multi-Party Computation (MPC) technology.

In a recent announcement, Coinbase Global Inc (NASDAQ: COIN) has unveiled its groundbreaking innovation, ‘Wallet as a Service’ (WaaS), accompanied by an Early Access Program. This development marks a remarkable step towards simplifying the creation and deployment of on-chain wallets, offering companies a seamless and secure solution for tapping into the potential of Web3.

What Is ‘Wallet as a Service’ (WaaS)?

WaaS is a groundbreaking solution that provides a scalable and secure set of wallet infrastructure Application Programming Interfaces (APIs). This technology enables companies to build and deploy fully customizable on-chain wallets directly within their applications, offering users a seamless experience with onboarding as simple as a username and password.

Some of the key features of WaaS include scalability, seamless experience, and native integration. Coinbase’s goal is to eliminate the technical complexities associated with most standalone digital wallets today, making it easy for companies to tap into the potential of Web3.

Markedly, the Coinbase Embedded Wallets, part of the Wallet as a Service solution, offer companies a seamless experience for their users. Basic authentication allows users to create and manage wallets without the need to memorize a 24-word mnemonic.

Native integration is facilitated through WaaS APIs, enabling companies to incorporate wallet capabilities directly into their applications while maintaining a cohesive user experience. The scalability of the Coinbase ecosystem provides a secure and user-friendly gateway to Web3 for millions, positioning Coinbase Embedded Wallet as an enterprise-grade solution for developers seeking to create white-label, non-custodial crypto wallets.

One of the standout features of Coinbase Embedded Wallet is its security, backed by advanced Multi-Party Computation (MPC) technology, a trusted name in the crypto industry. This technology ensures the security, speed, and ease of use necessary for brands and builders to confidently bring their projects to the decentralized space.

Implication of Coinbase Inc’s WaaS to Companies

Enterprises, startups, and institutions are increasingly recognizing the potential of Web3 and are actively seeking ways to tap into this landscape. However, the complexities of key management, scalability, security, and user experience can be daunting.

This is where Coinbase aims to step in, offering a proven track record in providing secure, scalable, and user-friendly gateways to Web3. By partnering with Coinbase, companies can redirect their time, resources, and expertise toward providing value to their end users while leaving the technicalities of web3 gateway management in capable hands.

Coinbase’s commitment to facilitating access to web3 extends beyond Wallet as a Service. The recent integration of its Ethereum layer-2 network, Base, with Chainlink Automation, showcases Coinbase’s ongoing efforts to enhance smart contract scalability on the platform.

Base, launched to the public in August, is a layer 2 roll-up network designed to process transactions off the Ethereum network, making them more cost-effective and accessible. This integration empowers developers on the Base network with easy access to decentralized and verifiable smart contract tools.

Blockchain News, Cryptocurrency News, News
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