Crypto exchange Coinbase has unveiled an enhanced version of its cloud product incorporating multi-party computation (MPC). It offers users a web3 wallet solution on the Ethereum mainnet.
Coinbase announced the launch of an updated version of its cloud product. The new iteration incorporated multi-party computation (MPC) and was made available to the public on May 23.
Coinbase referred to this web3 wallet solution as Coinbase Wallet-as-a-Service (WaaS), emphasizing its direct-to-user nature. The product has been launched on the Ethereum mainnet, expanding its reach within the cryptocurrency ecosystem.
This offering was initially introduced by Coinbase back in March, with the exchange highlighting its potential for providing fully customizable on-chain wallets to companies and their customers.
By leveraging multi-party computation (MPC) cryptographic technology, the solution eliminates the need for end users to manage complex 24-word recovery phrases, making it more user-friendly.
Furthermore, the Coinbase WaaS product enables various interactions within the web3 space through APIs and SDKs. For instance, Coinbase’s Pay SDK facilitates purchasing a wide range of digital assets, while an additional Coinbase API allows businesses to integrate crypto-based payments, including decentralized finance (DeFi) solutions.
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