Coinbase Introduces "Wallet as a Service"
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Two weeks after announcing Base, Coinbase's Ethereum L2, the major crypto exchange is back with another announcement today, this time focused on onboarding new users to web3 with its "Wallet as a Service."
🔎 The Deets
- "Wallet as a Service" is described as "a scalable and secure set of wallet infrastructure APIs, enabling companies to create and deploy fully customizable onchain wallets."
- Through this new service, users can manage their wallets using username/password authentication, eliminating the need for dealing with seed phrases.
- These wallets will benefit from multi-party computation (MPC) for added security. MPC securely divides, encrypts and distributes keys among multiple parties.
- Companies including Floor, Moonray.game, thirdweb and Tokenproof are listed as early adopters of "Wallet as a Service."
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