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.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Do Kwon may miss the start of the March 25 trial in the SEC’s case against the former executive and Terraform Labs

article-image

Riot Platforms bought 31,500 more mining machines while CleanSpark has begun operating in Mississippi

article-image

Dencun was activated on all testnets, a blog post Tuesday said

article-image

Hut 8 also announced it broke ground on a Texas mining site

article-image

Uniswap aims to become a “complete platform for swapping” following its latest product releases

article-image

Continued demand for bitcoin ETFs coupled with greater demand for bitcoin from exchanges is contributing to price moves, analysts say