Blockfrens
@blockfrens
Coinbase, the renowned crypto exchange, announced the launch of its latest initiative, Wallet as a Service. With WaaS, any company can easily onboard its users into web3 by creating and deploying fully customizable on-chain wallets through secure wallet infrastructure APIs. 🧵 https://i.imgur.com/2ki9Nn3.jpg
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Blockfrens
@blockfrens
WaaS allows companies to provide their users with the same convenience as traditional web2 app, with authentication as simple as a username & password. WaaS also ensures that users have control over their assets, with the option to export their keys off the platform anytime. 🧵
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Blockfrens
@blockfrens
Web3 presents a wealth of opportunities for companies to better engage and serve their customers, creating new revenue streams and encouraging reward redemption across participating businesses. 🧵
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Blockfrens
@blockfrens
However, the complexity of web3 wallets is one major challenge that prevents companies from capitalizing on these opportunities. WaaS solves this by offering a scalable and secure wallet infrastructure, enabling companies to build fully customizable on-chain wallets. 🧵
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Blockfrens
@blockfrens
Coinbase's WaaS is powered by Multi-Party Computation (MPC) cryptographic technology, which allows a 'key' to be split between the end-user and Coinbase. 🧵
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Blockfrens
@blockfrens
MPC ensures that self-custody keys are safe even if a user's device is compromised. Advanced and automatic backup with MPC guarantees that even if an end user loses access to their device, the key to their web3 wallet is still secure and can be stored. 🧵
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Blockfrens
@blockfrens
Companies like @floor, @moonraygame, @thirdweb, and @tokenproof are already building with Coinbase WaaS, making web3 more accessible to a new wave of users. 🧵
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Blockfrens
@blockfrens
Coinbase empowers developers with APIs and services to help simplify the process of dApp development. In addition to WaaS and @BuildOnBase, Coinbase offers a fiat on-ramp through Pay SDK, trading APIs, Wallet SDK, and other resources. 🧵
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Blockfrens
@blockfrens
We are excited to see how the space flourishes with the launch of WaaS. Let us know your thoughts below. 👇🏽
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