![]() The product allows developers to customize on-chain wallets for their end users and allow them access with simple username and password pairs. Wallet apps can be difficult to understand, require complex codes to protect crypto assets, and pose a barrier to user adoption.īy using Coinbase’s new Wallet as a Service product, companies can easily integrate scalable, secure wallets directly into their apps without the need for these complexities. Storing and interacting with these digital assets can be a burden for both developers and users because they are stored in crypto wallets, which often require advanced knowledge or third-party apps for maintaining the assets. ![]() has been testing out a program with its Odyssey loyalty rewards program, which provides in-store perks.Ĭoinbase called Wallet as a Service a “powerful tool for companies looking to tap into the potential of Web3,” whether they’re enabling gamers to trade in-game items and currency or creating new avenues for loyalty programs such as token-based rewards. Retailers have used NFTs as a way to engage users in loyalty programs by offering them rewards that can give them free merchandise, discounts, gated premium access and more. ![]() Digital assets built on Web3, such as nonfungible tokens, can represent things such as in-game items, loyalty tokens and virtual tickets. The rise of Web3 has brought on a rise in interest from businesses with the emergence of blockchain technology and decentralized economies. ![]() today announced a new “Wallet-as-a-Service” product that will allow developers and businesses to easily embed crypto wallets directly into their Web3 apps. “Ultimately, this means if a company’s end user loses access to their device, the key to their Web3 wallet is still safe and can be securely restored.Cryptocurrency exchange Coinbase Global Inc. “MPC allows a ‘key’ to be split between the end user and Coinbase,” according to the press release. The use of complicated 24-word recovery phrases is avoided through the use of “multi-party computation” cryptographic technology. “In a world where wallets are simple, companies can finally build Web3 experiences accessible to everyone regardless of technical knowledge.” Traditional crypto wallets are “difficult for users to access” because of their “complex mnemonic seeds” and “counterintuitive” user interfaces, Coinbase said. Fees will be charged on a per-wallet basis, he said.Ĭoinbase 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. “We view this as being the central enabling technology and revenue source for our developer strategy,” McGregor said. The announcement comes as Coinbase pushes to provide more products and services to blockchain developers – in addition to the consumers who use the exchange and Coinbase Wallet, and the institutional investors who use its trading and custody products. 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,” Patrick McGregor, Coinbase’s head of product for Web3 developer platforms, said in an interview.
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