Coinbase has just announced that it will launch a Wallet-as-a-Service wallet service, aiming to provide a convenient wallet experience and attract hundreds of millions of users to Web3.
On the official Twitter, Coinbase introduced the concept of “Wallet-as-a-Service”, and publicly announced its ambition to bring a convenient experience to first-time users of Web3.
1/ Today we introduce Wallet as a Service, making it easier for any company or brand to seamlessly onboard their users to web3 ️⛓️
…even if they have never used cryptocurrency before. pic.twitter.com/5IKUJHpQlS
— Coinbase (@coinbase) March 8, 2023
Wallet-as-a-Service (WaaS) is a suite of application interface infrastructure, allowing to build on-chain wallets tailored to the needs of users. The special thing with this wallet solution is that users can use their username and password, instead of needing to store the seed phrase as usual.
Coinbase also shared some information regarding its multi-signature solution to increase product security.
4/ Wallets deployed using Wallet as a Service use advanced multi-party computation (MPC) for added security, helping keep user assets safe by securely dividing, encrypting and distributing keys among multiple parties. pic.twitter.com/Z8ikkfZDry
— Coinbase (@coinbase) March 8, 2023
“Wallets deployed on a WaaS platform will use Multi-Party Computing (MPC) to increase security, allowing users to safely store assets by distributing their keys to many areas. different storage.”
In recent times, the management of wallets with many different signatures is being gradually noticed by the community. It can be said that Ethereum’s official implementation of ERC-4337 in the past week has contributed one more tool for many related solutions in the multi-signature array that can be leveraged.
>> See also: What is Account Abstraction? A simple explanation of the “abstract” keyword of the Ethereum ecosystem
Also related to the multi-signature wallet array, Safe recently also launched the Core Stack toolkit, allowing to build Account Abstraction solutions more conveniently.
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