Coinbase, the leading digital currency service provider, has launched a Web3 wallet solution to enable companies to create customized blockchain wallets for their customers. This advancement is seen as a foray into Web3 space, with Coinbase having launched a testnet for the technology.
Coinbase Revolutionizes Wallet Onboarding with ‘WaaS’
Coinbase has recently launched a new product – Wallet-as-a-Service (WaaS) – to assist developers in entering the Web3 space. WaaS enables businesses to develop completely customizable web3 wallets with their own applications, significantly streamlining the user onboarding process.
Will Robinson, Vice President of Engineering at Coinbase, noted, developers needed an effective solution to visit websites and interact with brands, while remaining on their own platforms. To facilitate this, Coinbase has developed a product that enables users to onboard onto web3, with complete control of their assets in a secure environment.
This product provides a comprehensive suite of wallet infrastructure Application Programming Interfaces (APIs) that are easily scalable, allowing businesses to create and deploy highly customizable on-chain wallets to their customers. In short, companies can directly integrate wallets into their apps, eliminating the need for users to be redirected to other apps to access their wallets.
Armstrong’s Ambitious Strategy to Leverage DeFi Gains Momentum
As Coinbase continues its commitment to providing blockchain developers with new products and services, the launch of WaaS marks a significant step forward. At the same time, the world’s second-largest crypto exchange has dedicated efforts to bringing new crypto investors, especially institutional ones, to the platform, offering innovative trading and custody solutions to meet their needs.
The release of Coinbase’s Web3 wallet represents an exhilarating new chapter in the DeFi space. Recently, Brian Armstrong’s organization publicized a trial version of its Ethereum layer-2 network, Base, which could draw in a large number of users to the DeFi ecosystem. Such a remarkable step forward from Coinbase, as a centralized platform, is surely commendable.