Crypto exchange Coinbase starts a “wallet as a service” business that will allow companies to build native wallets straight into their own applications to create a more seamless experience without redirecting users to any external app or spending significant time, resources and expertise developing their own solution.
Without having to set up and secure a complicated 24-word recovery phrase, WaaS provides users with access to Web3 using Multi-Party Computation (MPC). MPC is a cryptographic technology that can improve existing multi-sig techniques, effectively allowing wallet keys to be “split” between the user and Coinbase.
The design of WaaS means if a user loses access to their device, the key to the web3 wallet remains safe and can be securely restored. Coinbase is able to lock a wallet if a user notifies it, preventing it from being used to sign transactions.
Companies like Floor, Moonray, Thirdweb and Tokenproof have begun using WaaS to onboard web3 users across gaming, token-gated events and digital marketplaces.
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