Coinbase, one of the largest cryptocurrency exchanges in the world, has recently launched its new service called “Coinbase Wallet-as-a-Service” (WaaS). This service is aimed at providing a simple and easy-to-use interface for developers to build and launch their own blockchain-based applications on the web3 ecosystem.
With the increasing popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs), there has been a surge in demand for blockchain technology and its applications. However, building and launching such applications requires extensive knowledge and expertise in blockchain technology, which can be a barrier for many developers and businesses.
Coinbase’s new WaaS service aims to solve this problem by providing a ready-to-use infrastructure that developers can use to create and launch their blockchain-based applications without having to worry about the underlying technology. The service will also provide secure storage and management of digital assets for these applications.
Coinbase’s move into the web3 space is significant, as it has been a major player in the cryptocurrency industry since its inception. The launch of WaaS is expected to bring millions of new users into the web3 ecosystem, further fueling the growth of the decentralized internet.
Coinbase’s WaaS Wallet-as-a-Service Aims to Simplify Onboarding
Coinbase Global (Nasdaq: COIN) has revealed a new addition to its suite of offerings and services: Wallet-as-a-Service (WaaS). In a Twitter thread, Coinbase stated that the WaaS “is a scalable and secure set of wallet infrastructure APIs, enabling companies to create and deploy fully customizable onchain wallets.” Additionally, the Coinbase wallet infrastructure provides “multi-party computation (MPC)” cryptography, which removes the need to manage a complicated 24-word recovery phrase.
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 detailed that crypto firms such as Tokenproof, Floor, Thirdweb, and Moonray are already using its Wallet-as-a-Service (WaaS). Coinbase believes that the WaaS will aid in bringing the “next hundred million consumers into Web3.” “More and more companies are realizing that Web3 will generate a massive industry of new decentralized applications and services, and they want to empower their customers to access it,” Coinbase stated in the announcement.
“When users download the Tokenproof app, we’ll create their first wallet, powered by Coinbase, to welcome them into Web3,” said Fonz, the founder of Tokenproof, in a statement. “This is a significant step towards making the space more approachable and accessible, and we’re excited about the opportunity to work with such a highly trusted partner.” Besides the WaaS, Coinbase provides developers with a wallet software development kit (SDK), a payments SDK, the commerce API, and other blockchain integrations.
Jamie Redman
Image Credits: Shutterstock, Pixabay, Wiki Commons
