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Coinbase announces ‘Wallet as a Service’ with new tools

The new wallet-as-a-service, according to the U.S. crypto exchange, could help firms introduce the next hundred million customers into Web3 through a seamless wallet-onboarding experience.

The largest cryptocurrency exchange in the United States, Coinbase, is launching a “wallet as a service” enterprise that will enable firms to customize blockchain wallets for their own customers.

In an interview, Coinbase’s head of product for Web3 developer platforms, Patrick McGregor, stated that the service could be used by gaming apps where tokens or NFTs are a part of the game, or by firms that want to integrate a wallet into an app while making it “almost invisible to the end user.”

The announcement comes as Coinbase endeavors to offer more products and services to blockchain developers, in addition to consumers who use the exchange and Coinbase Wallet and institutional investors who utilize its trading and custody products.

“We view this as being the central enabling technology and revenue source for our developer strategy,” McGregor said.

Traditional crypto wallets are “difficult for users to access” because of their “complex mnemonic seeds” and “counterintuitive” user interfaces, Coinbase said. “In a world where wallets are simple, companies can finally build Web3 experiences accessible to everyone regardless of technical knowledge.”

Utilizing “multi-party computation” cryptographic technology eliminates the need for complex 24-word recovery phrases.

“MPC allows a ‘key’ to be split between the end user and Coinbase,” according to the press release. “Ultimately, this means if a company’s end user loses access to their device, the key to their Web3 wallet is still safe and can be securely restored.”

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