Coinbase has launched a wallet-as-a-service (WaaS) solution for businesses to allow them to offer Web3 wallets to their clients.
The U.S.-based crypto exchange hopes the move will increase the adoption of Web3 products and services that was hindered mainly due to the complexity and poor user experience.
Coinbase’s new solution enables enterprises to build and launch customizable on-chain wallets by providing the technical infrastructure.
- The wallets created through this solution allow for simple customer onboarding, participation in loyalty programs, and in-game purchases.
- The WaaS toolkit also allows multiple parties to compute a function together without disclosing their inputs to one another.
- The system splits private keys into multiple parts and distributes them among the parties involved in the protocol, increasing the security of storing digital assets.
- Patrick McGregor, the head of product at Coinbase’s Web3 Developer Platforms, said Coinbase’s WaaS offers control over end-to-end product experiences, reduces implementation costs and complexity, and helps businesses improve security while lowering risks.
- The current clients of Coinbase’s WaaS solution include Floor, Moonray, thirdweb, and tokenproof.
