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

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

CoinDesk | Bradley Keoun | Mar 8, 2023

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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