The success highlighted by the feat reinforces the popularity of WaaS.
Web3 infrastructure provider Particle Network has said that its rollout of Wallet-as-a-Service (WaaS) V2 is proving to be a huge success. According to a recent press release, the company saw more than 15 million wallet activations in under a year since it launched the service.
The success highlighted by the feat reinforces the popularity of WaaS, but more importantly, it is also a testament to the ever-growing demand for more user-friendly web3 onboarding solutions.
Explaining how the record user numbers came to be, the firm explained in a blog post that it got a lot of support from several decentralized applications (dApps). Particle claims that more than 800 dApps have partnered with it and integrated its WaaS so far. So, it would be understandable how, by using Particle’s product suite, these dApps automatically expose Particle Network to the millions of web3 users who might be interested in using the firm’s web3 wallet.
It might also be worth noting that a significant percentage of the blockchain ecosystem also uses the firm’s Web3 wallet. Some of its partnerships in this regard include those with popular networks such as BNB Chain, Linea, Near, Sei, and zkSync. Interestingly, BNB Chain has the most active projects that have integrated WaaS (about 70%).
Particle Network Eyes an All-Round Improvement for Its WaaS V2
It appears that Particle Network is prepared to go back to work on the WaaS V2. To this end, it also announced its intent to develop the product by focusing on three areas. The company says it will now look to improve the privacy of V2, its user experience, as well as its transaction efficiency.
Particle Network raised $1.5 million in a pre-seed funding round in May 2022 and in 2023, the platform managed to raise $7 million. Its efforts have been always consistent with what it set out to do with its WaaS. As disclosed on its website, the Wallet-as-a-Service at its core aims to simplify user interactions with the blockchain and enhance efficiency.