Coinbase, a leading cryptocurrency exchange, has recently announced two new offerings, aimed at fulfilling its primary objective of introducing the next one hundred million users to Web3 and the next one billion users to the cryptocurrency economy. This comes just two weeks after the launch of its developer-friendly decentralized app layer-2 Base.
1/ Today we introduce Wallet as a Service, making it easier for any company or brand to seamlessly onboard their users to web3 🛠️⛓️
…even if they have never used cryptocurrency before. pic.twitter.com/5IKUJHpQlS
— Coinbase (@coinbase) March 8, 2023
On March 8, Coinbase unveiled its Wallet as a Service offering, which seeks to facilitate adoption by seamlessly integrating wallets with existing companies and brands, enabling their user base to benefit from cryptocurrencies, even if they have never interacted with the asset class before. Wallet as a Service comprises wallet infrastructure APIs that enable companies to create and deploy fully customizable on-chain wallets, with authentication as simple as a username and password. Users can create, access, and restore their wallets without worrying about seed phrases, and the wallets are equipped with advanced multi-party computation (MPC) to enhance security by securely dividing, encrypting, and distributing keys among multiple parties. Companies such as Floor, Tokenproof, Thirdweb, and Moonraygame have already begun using the service to improve experiences in gaming, events, and marketplaces using Web3 mechanisms.
1/ Introducing our new web3 discovery surface, https://t.co/lhTrhMAgrO. Explore the best dapps web3 has to offer, including:
🤑 Ways to earn more crypto
💬 Decentralized social networks
🎮 Web3 games and more! pic.twitter.com/Bx94H5tH9N
— Coinbase (@coinbase) March 9, 2023
Coinbase has also revealed a new “Web3 discovery surface” on March 10, which serves as a tool for discovering the best decentralized applications (dapps) that Web3 has to offer, from cryptocurrencies to NFTs. Currently, the tool is mainly centered around Ethereum and Polygon-based dapps, but the exchange has indicated that additional chain support will soon be available. Users can use any wallet that a dapp supports or use Coinbase’s Web3 wallet to transact directly with their Coinbase account, offering ease and convenience.
The introduction of Wallet as a Service and the new Web3 discovery surface is a significant step in making Web3 more accessible to the masses by reducing risk and complexity. By eliminating these barriers to entry, Coinbase aims to bring the benefits of blockchain technology to a wider audience, including crypto-curious individuals and companies.