Coinbase expands its offer with Wallet as a Service

Coinbase launched Wallet as a Service (WaaS)a solution that allows companies to create and deploy on-chain and user-friendly portfolios for their customers.

This Wednesday afternoon, crypto exchange Coinbase announced the launch of its new offering Wallet as a Service, a “scalable and secure set of wallet infrastructure APIs.”

Now any business can seamlessly onboard its users into Web3. Coinbase is extending its Web3 business solutions, so any business can create fully customizable on-chain wallets for its customers,” the cryptocurrency exchange platform trumpets in a statement.

With Wallet as a ServiceCoinbase wants to enable companies, including those not native to Web3, to offer customizable crypto wallets and easy to use to their customers.

“End users can explore Web3 without having to deal with a complicated 24-word retrieval phrase because WaaS is powered by MPC technology,” Coinbase says, noting that they only need a username and password to use their wallet.

Several startups in the crypto ecosystem, including Floor and Tokenproof, are already operating Wallet as a Service, according to the announcement.

The release of WaaS comes as Coinbase recently announced a loss in excess of $2.5 billion for the year 2022. The crypto winter has heavily impacted the San Francisco-based exchange and is now pushing it to diversify its business. Last month, it launched the beta of Base, its own blockchain network dedicated to DApps.

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