Coinbase Cloud’s ‘Wallet as a Service’ Hits Ethereum Mainnet

The solution from Coinbase uses MPC technology to secure customers’ assets

article-image

Primakov/Shutterstock modified by Blockworks

share

A new iteration of Coinbase’s cloud product, which employs multi-party computation (MPC), went live on Tuesday, the exchange said on Twitter. 

Coinbase on Twitter dubbed the Web3 wallet solution as a direct to user product, “Coinbase Wallet as a Service,” adding that the product has launched on the Ethereum mainnet. 

The exchange first introduced this product in March, when the exchange described it as a way for companies “fully customizable onchain wallets for their customers.”

“End users can explore [Web3] without managing a complicated 24 word recovery phrase because WaaS is powered by Multi-Party Computation (MPC) cryptographic technology,” Coinbase representatives said in March. 

Coinbase customers using the MPC wallet solution will be able to “create, access, and restore their wallets using just a username and password,” according to a tweet on Tuesday. 

The product enables various Web3 interactions through APIs and SDKs. Coinbase’s Pay SDK facilitates the purchase of a range of digital assets. A secondary Coinbase API facilitates the ability of businesses to integrate crypto-based payments, including DeFi solutions, the exchange has said. 

MPC solutions typically split the private key behind a wallet into several shards — which can be split between multiple owners for the safekeeping of their underlying digital assets. 

Coinbase Wallet as a Service users are intended to be able to remove their private keys off of the exchange at any time. 

Loading Tweet..

ENS Domains, an Ethereum-based naming service, has started to build with Coinbase’s wallet as a service product. Blockworks reported in April that ENS partnered with Moonpay to allow users to buy .eth domain names with fiat.

Asked about additional developments surrounding ENS Domains’ usage of Coinbase’s product, a representative for the exchange told Blockworks on Tuesday there is “more to come” without providing additional details. 

Coinbase filed a mandamus petition in response to what the exchange has said is the refusal of the SEC to provide more specificity on digital asset regulation.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (10).png

Research

Innovations on Aptos’ technical design through Raptr, Shardines, and Zaptos approach near-optimal latency and throughput by unlocking 100% utilization of network resources, with the capacity to settle 260k transactions per second with latencies less than 800ms. The original Move language was revamped with the launch of Move 2, supporting more expressivity in smart contract logic and a scalable ability to interact with high volume datasets. The ecosystem has benefitted from strong asset inflows, now hosting over $1.3B in stablecoins, $450M in bridged BTC, and $530M in RWAs. Activity in the Aptos ecosystem has grown notably over the past year, with monthly application revenue reaching ~$835k and monthly DEX volumes growing to over $5B, both at new all time highs.

article-image

The House on Thursday passed the CLARITY Act, a landmark cryptocurrency market structure bill

article-image

Interchain Labs will focus on sovereign L1s and institutional demand, abandoning plans for smart contracts on the Cosmos Hub

article-image

Also, only three tokens have outperformed bitcoin so far this year: XMR, HYPE and SKY

article-image

The fund group has submitted proposals in recent months for other funds that would hold litecoin, solana, XRP, HBAR, Sui and others

article-image

Momentum’s back — BTC leads, risk assets follow

article-image

Ondo Finance’s acquisition of blockchain development company Strangelove follows its buy of Oasis Pro