- This is the technical infrastructure for making Web3 wallets as easy as possible
- The service uses the MPC method to secure the key
- Integration into Ethereum will greatly expand its audience
Yesterday, May 23, cryptocurrency exchange Coinbase announced the integration of Wallet as a Service (WaaS) into the Ethereum mainnet. The company first unveiled the solution in early March.
It’s actually the infrastructure for making Web3 wallets as easy and fast as possible.. According to Coinbase, only a login and password are required to register, authorize and restore access.
WaaS solves several serious problems in theory and helps bring new audiences into the segment. The service’s API is intuitive and easy to use, while still providing ample security.
“Today companies have to push their users through a convoluted registration process, pushing them to download a third-party service from a custodial provider.
This leads to a large number of failures during the adaptation phase,” an extract from the exchange’s press release announcing the new product.
WaaS wallets use the MPC (multi-party computation) security method. Key fragments are shared between the owner, the company using the service API, and Coinbase Cloud.</nbsp;
Integrating the solution into the Ethereum mainnet will greatly expand the audience reach. Blockchain users, in turn, will get a reliable, simple and convenient service for storing cryptocurrency.
We reported earlier that Coinbase has again filed a lawsuit against the SEC. The company insists on reviewing its petition for rulemaking on the digital asset segment.
The company is pushing for a review of its petition for rulemaking on the digital asset segment.