The solution Wallet as a Service from the American exchange Coinbase makes its debut on the Ethereum mainnet. It now offers users the possibility ofexport their private keys out of the platform.
Unveiled in March and initially launched on the Goerli testnet, Wallet as a Service (WaaS) from Coinbase offers a set ofPortfolio Infrastructure API enabling Web2 and Web3 companies to offer crypto wallets customizable and easy-to-use for their customers.
On Tuesday, the cloud arm of the San Francisco-based cryptocurrency exchange platform announced the launch of WaaS on the Ethereum network (mainnet). With Wallet as a Serviceusers can manage their wallets using a simple username and password.
1/ 🎉 Coinbase Wallet as a Service has now launched on mainnet, bringing seamless web3 onboarding to everyone, everywhere! pic.twitter.com/s2hFIlw2IK
– Coinbase Cloud 🛡️ (@CoinbaseCloud) May 23, 2023
“Based on secure multiparty computing (MPC), portfolios created with Wallet as a Service help protect users’ assets by securely dividing, encrypting and distributing keys between multiple parties,” Coinbase said, noting that WaaS now allows private keys to be exported off the platform.
Coinbase also announced that projects, including Ens.ethhad begun to take advantage of WaaS to make the experience on their services “safer, more secure and more intuitive”.
Wallets are the browsers of Web3, and I truly believe that WaaS will unleash a wave of innovation similar to the way Mosaic transformed the Web by making it accessible to all […] With WaaS, companies can give their customers access to Web3 without disrupting their UX or introducing scary 12-word phrases,” trumpeted Leonard Law, product director at Coinbase, in a LinkedIn post.
The executive added that companies could use WaaS to, for example, launch a loyalty program based on NFT or to help their users hold tokens as part of integrated purchases.
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