Coinbase launches a new wallet service as it aims to bring a hundred million consumers into the web3 space. The idea of this wallet is to offer a very smooth customer onboarding experience. Coinbas’s new wallet service is not a B2C product. They have enabled API integration that companies can use to build their own custom web3 wallets.
Coinbase’s new wallet service
On 8th March 2023, Coinbase tweeted that they will now offer a wallet as a service to the crypto industry. So, companies can use the available APIs of the company and build onchain wallets that are completely customizable. Coinbase’s wallet also supports MPC (multi-party computation) that removes the hassle of managing the 24-word recovery phase. This makes things a lot easier for the masses as keeping ones cryptocurrencies secure won’t be a chore now.
Coinbase announced that several crypto firms, including Tokenproof, Floor, Thirdweb, and Moonray, are currently utilizing its Wallet-as-a-Service (WaaS) platform. Coinbase expressed its belief that WaaS will play a key role in onboarding the “next hundred million consumers into Web3.” According to the exchange, the increasing number of companies recognizing the potential of Web3 to generate a vast industry of decentralized applications and services has resulted in a desire to empower their customers to access it.
Coinbase is a digital currency exchange and wallet provider headquartered in San Francisco, California. It was founded in 2012 and has grown to become one of the most widely recognized and respected companies in the cryptocurrency industry.
In addition to its exchange and wallet services, Coinbase offers a range of other tools and resources to help people learn about and engage with cryptocurrencies, such as educational content and analytics. The exchange went public in April 2021, becoming the first major cryptocurrency company to do so.
What are your thoughts as Coinbase launches a new wallet service? And do you think it has the potential to change the web3 space? Let us know in the comments below. And if you found our content informative, share it with your family and friends.Also Read: 28% of US millennials plan to use cryptocurrency to fund retirement.