The popular cryptocurrency exchange, Coinbase, has introduced a groundbreaking solution for crypto enthusiasts with the launch of “Wallet as a Service” (WaaS) on the Ethereum mainnet. This new Web3 wallet offering utilizes cutting-edge multi-party computation (MPC) technology to ensure the utmost security for its users.
With WaaS, customers can conveniently create, access, and recover their wallets using a simple username and password, eliminating the need for cumbersome recovery phrases. By employing MPC for both key generation and message signing, Coinbase ensures that decentralized algorithms are maximally secure.
One notable feature of WaaS is the MPCTransactionService, which facilitates complex state machine operations for MPC-signed transactions. This includes handling reorganizations, replacements, retries, and more, ensuring a seamless user experience.
Moreover, WaaS provides support for Web3 interactions through APIs and SDKs, making it easier for developers to integrate and interact with the platform. WaaS supports ERC-721 and ERC-1155 standards for non-fungible token (NFT) holders, allowing them to create unique digital assets, distribute loyalty points, and even develop in-game items with just a few REST API calls.
Coinbase’s recent product releases come at a time when the company is facing legal challenges from the US Securities and Exchange Commission (SEC). However, these innovative offerings demonstrate Coinbase’s commitment to providing users with advanced solutions for managing and transacting with digital assets.
In related news, ENS Domains, an Ethereum-based naming service, has integrated Coinbase’s WaaS product, further expanding the utility and accessibility of the wallet solution. The collaboration between ENS and Moonpay now enables users to purchase .eth domain names using fiat currency.
When asked about the integration and future developments, a Coinbase representative hinted at exciting things to come. Coinbase’s expansion plans include entering the Singapore market and establishing a derivatives exchange in Bermuda.
Additionally, the company has expanded its Coinbase One subscription service to the UK, Germany, and Ireland, reaffirming its commitment to expanding its international presence.
Despite ongoing legal challenges, Coinbase remains focused on innovation and enhancing its offerings to meet the evolving needs of cryptocurrency users worldwide.