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March 14, 2023   Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Metaverse, NFTs, FinTech and Alternative Finance, Fintech International, Fintech Services, Innovation and Resources, Web3, Decentralization, DAOs   No comments

Coinbase Begins ‘Wallet as a Service’ Enabling Companies to Integrate Into Their Own Apps

CoinDesk | Bradley Keoun | Mar 8, 2023

Unsplash Mariia Shalabaieva crypto wallets - Coinbase Begins ‘Wallet as a Service’ Enabling Companies to Integrate Into Their Own Apps

Image: Unsplash/Mariia Shalabaieva

Coinbase, the big U.S. crypto exchange, is starting a “wallet as a service” business that will allow companies to customize blockchain wallets for their own customers.

  • The U.S. crypto exchange says the new service could help companies “to help bring the next hundred million customers into Web3 through a seamless wallet-onboarding experience.”  The service could be used by gaming apps where tokens or non-fungible tokens (NFT) are part of the game, or by companies that might want to incorporate a wallet into an app and make that “almost invisible to the end user.
  • Coinbase says its wallet-as-a-service could help companies “to help bring the next hundred million customers into Web3 through a seamless wallet-onboarding experience,” according to a press release.
    • The use of complicated 24-word recovery phrases is avoided through the use of “multi-party computation” cryptographic technology.

See: Federal Judge Dismisses Unregistered Securities Class Action Suit Against Coinbase (Shares Jump 21%)

Patrick McGregor, Coinbase’s head of product for Web3 developer platforms:

We view this as being the central enabling technology and revenue source for our developer strategy

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NCFA Jan 2018 resize - Coinbase Begins ‘Wallet as a Service’ Enabling Companies to Integrate Into Their Own AppsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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