Coinbase unveils tool to simplify crypto-wallet integration

The cryptocurrency exchange Coinbase unveiled a new service called Wallet-as-a-Service (WaaS).

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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

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The tool is designed for rapid and streamlined deployment of crypto wallets in web interfaces, as well as their integration into applications. WaaS is intended to make setup as simple as creating a username and password.

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\”This technology eliminates a significant source of disagreement in the adoption of Web3. Essentially, we have created a system that can issue wallets to virtually every person on the planet,\” said Patrick McGregor, head of Coinbase’s development department.

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The tool comprises a set of API-interfaces and uses multiparty computation technology that splits encryption keys between the user and the company. This means the wallet can be easily recovered if the user loses access to their device.

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According to McGregor, some market participants, including Floor, Moonray, Thirdweb and Tokenproof, have already tested Coinbase’s new product.

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\”Starbucks, Adidas, Nike, Coca-Cola and social networks like Instagram, Twitter and Reddit — all of them are integrating crypto services into their products. Customers who use them will need a crypto wallet. That’s when Coinbase will come to the aid,\” he added.

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Earlier, the crypto exchange initiated a public campaign Crypto435 in support of digital assets. Its main goal is to convey to politicians and regulators the core principles of Web3 technologies.

In early March, the company announced the acquisition of the crypto-asset management service. The project will be renamed Coinbase Asset Management.

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