Coinbase, a leading cryptocurrency trading platform in the US, has unveiled a new service aiming to make Web3 technology more approachable by simplifying digital wallets, called Wallet as a Service.
The offering is a set of developer tools that allow companies to embed custom, digital wallets directly into their applications. The product, according to Coinbase, has been in development for over a year and is designed to be “use-case agnostic.”
Internally, it is considered to complement Coinbase’s Base, an Ethereum layer-2 network aimed at creating and hosting decentralized applications.
Digital wallets are a key element of the Web3 ecosystem andallow individuals to maintain ownership of digital tokens, such as cryptocurrencies or non-fungible tokens (NFTs). Some wallets, however, can be technically complex and deter the potential adoption of Web3.
Wallet as a Service aims to eliminate this friction, making setting up a wallet as easy as creating a username and password. Coinbase’s Wallet as a Service uses a type of cryptography called multi-party computation, where a wallet’s private key is divided among multiple parties, including Coinbase, as an added layer of security.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/mar/09/
