Coinbase has announced the launch of its new Wallet as a Service (WaaS) on the Ethereum mainnet. WaaS is a direct-to-end-user product that employs cutting-edge multi-party computing (MPC) technology to safeguard the private keys of its users.
WaaS allows users to create, access, and recover their wallets with just a username and password. It is equipped with MPC for both key generation and message signing, which ensures the maximum security properties of these decentralized algorithms.
MPC solutions are commonly known to divide the private key associated with a wallet into multiple shards. These shards can then be distributed among multiple owners, ensuring the secure storage of their digital assets.
In addition to its security features, WaaS also boasts of the option of Web3 interactions via APIs and SDKs, as well as support for ERC-721 and ERC-1155 for NFT holders.
WaaS is a significant development for Coinbase, as it expands the company’s reach into the Web3 ecosystem. The service is also likely to be of interest to developers who are looking to create secure and user-friendly wallets for their users.
