Coinbase already declare the launch of a new feature that the largest exchange in the US claims will attract millions of users to web3. The new product, “Wallet as a Service” (WaaS), will allow businesses to build new web3 experiences with simplified wallet onboarding.
By creating WaaS, companies can integrate native wallets into their applications. Users who have access to Web3 multi-party computation (MPC), a cryptographic technology that allows users to create “keys” that will be shared between end customers and Coinbase.
Major companies focused on creating Dapps, developing frameworks, and delivering token-based experiences on web3, such as Floor, Moonray, Thirdweb, and Tokenproof are currently building on Coinbase’s WaaS.
What are the Benefits of Coinbase Web3’s New Product?
Coinbase claims that this new product can bring hundreds of millions of customers to Web3, making the experience for customers in various applications or development simple and secure with the infrastructure Application Programming Interface (API), which serves as an intermediary, facilitating the exchange of information. between two or more applications.
With Coinbase’s WaaS feature, both the MPC and API allow users to have “custodial keys” that can be used for a more secure experience even if their computer, mobile, or other device is compromised. Coinbase added:
Today, Coinbase solves this problem for the industry with its Wallet as a Service (WaaS). WaaS is a scalable and secure set of wallet infrastructure APIs, allowing companies to create and deploy fully customizable on-chain wallets to end users. Companies can offer user wallets directly in the app with onboarding as simple as a username and password.
How does it work?
According to the exchange, WaaS is designed for businesses that use the new features to provide “safe, secure and easy access to web3 wallets,” saying that businesses can “focus on what’s most important: delivering more and more innovative products to customers.” customers.
WaaS’s seamless user experience will allow users to access Web3 wallets as easily as Web2 navigation, according to an official statement. Users can create, access, and restore wallets by entering their username and password.
In addition, Coinbase says WaaS users will have full control over their assets, including the ability to export their keys from the Coinbase platform at any time. The API will also allow Coinbase to maintain a “consistent” user experience without redirecting users to separate websites or apps.
Coinbase’s new product follows a series of developments made in recent months for customers and institutions that use exchange services, for new startups, for a safer ecosystem, and ease of use for customers.
This will facilitate entry, application, and experience on web3, even if potential users have not used cryptocurrency before, attracting millions of new users to the exchange.
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