Circle launches wallet-as-a-service platform for Web3 developers

Circle launches wallet-as-a-service platform for Web3 developers.

The USDC co-issuer Circle has launched a ‘wallet as a service’ platform for developers of Web3 applications.

The service is in beta. It allows developers to integrate the crypto wallet directly into application interfaces and tailor it to the required functionality.

The extension can be used with any blockchain to access NFTs, cryptocurrencies and other digital assets. Currently the tool supports Ethereum, Polygon and Avalanche, but Circle says it will add more networks in the future.

\”If you understand the technical aspects, you can connect to the platform and launch an app right away,\” said Circle CEO Jeremy Allaire.

At present, users must personally hold their private keys, but a forthcoming update will allow developers to manage them if needed.

The platform uses multi-party computation (MPC) technology, eliminating single points of failure and helping protect against theft and unauthorized access. Developers can also opt to shoulder transaction fees themselves to simplify wallet interaction.

In April, Circle launched the CCTP protocol for transfers of USDC between Ethereum and Avalanche.

Later, the company integrated its stablecoin into the Arbitrum layer-2 network ecosystem.