Coinbase Introduces Wallet as a Service For Seamless Onboarding Into Web3

Coinbase Global, Inc COIN launched Wallet as a Service (WaaS), a scalable and secure set of wallet infrastructure APIs, enabling companies to create and deploy fully customizable on-chain wallets to their end users. 

• Companies can offer their users wallets directly in their apps with onboarding as simple as a username and password. 
• WaaS is a powerful tool for companies looking to tap into the potential of web3, whether enabling gamers to trade in-game items and currency or creating new avenues for loyalty programs like token-based rewards.
• End users can explore web3 without managing a complicated 24-word recovery phrase because Multi-Party Computation (MPC) cryptographic technology powers the WaaS. MPC allows a 'key' to be split between the end user and Coinbase. This means self-custody keys are safe even if a user's device is compromised. 
• Furthermore, advanced and automatic backup with MPC guarantees that even if an end user loses access to their device, the key to their web3 wallet is still safe and can be securely stored.
• Companies like Floor, Moonray, thirdweb, and tokenproof are building with Coinbase WaaS to onboard users to web3 experiences across gaming, token-gated events, and digital marketplaces.
• Going to a website or engaging with a brand should be easier without leaving their platform, Will Robinson, VP of engineering at Coinbase, said to TechCrunch. "We should allow people to onboard into web3, right there, so they're truly in control of their assets in a contained experience."
• Price Action: COIN shares traded higher by 2.3% at $63.39 at the last check Wednesday.