Coinbase, the major crypto exchange in the US, has introduced (1) an innovative feature that it believes will bring millions of users to web3.
Businesses will be able to create cutting-edge web3 experiences with streamlined wallet onboarding made possible by releasing a new product called “Wallet as a Service” (WaaS).
Because of the development of WaaS, businesses can now incorporate native wallets into their software.
Crypto technology known as Web3 multi-party computation (MPC) enables users to generate a “key” that can be used in transactions between the final client and Coinbase.
Companies like Floor, Moonray, Thirdweb, and Tokenproof—all of which specialize in creating Dapps, creating frameworks, and delivering token-based experiences on the web3—are now building on Coinbase’s WaaS.
How Does Coinbase’s Latest Offering Help Web3?
With the use of network Application Programming Interfaces (APIs), which act as an intermediary to facilitate the transmission of information between two or more apps, Coinbase promises that their new offering could attract hundreds of millions of clients to the Web3.
The WaaS feature of Coinbase enables both MPC and APIs to provide users with a “self-custody key” that can be used to provide more secure experiences if the user’s computer, mobile phone, or other equipment is hacked. New to Coinbase:
WaaS is an API set for a scalable and secure wallet infrastructure that helps businesses make and distribute user-tailored on-chain wallets. Businesses can provide wallet services within their apps with as little as a username and password for user onboarding.
How Does Waas Work?
According to the exchange, WaaS is created for enterprises who employ the additional features to provide “safe, secure and quick access to web3 wallets,” asserting that businesses can “concentrate on what matters most: giving greater value and creative goods to their customers.
An official statement claims that the intuitive nature of WaaS will make it just as simple for consumers to access their Web3 wallets as it is to use their Web2 ones. Users with the right credentials can access, access, and restore wallets.
Coinbase also claims that users of their WaaS service will have complete ownership of their funds and can export their private keys at any moment. Coinbase will be able to provide a “consistent” user experience by utilizing the APIs without sending customers to a third-party service.
The new offering from Coinbase is the latest in a string of improvements implemented by the exchange in recent months to benefit its clientele and the institutions that utilize its services, foster the growth of startups, make the ecosystem safer, and improve user-friendliness.
Millions of people who have never used cryptocurrencies will sign up to utilize the exchange because it is easy to join, apply, and use.