Coinbase Wallet as Service launched on Ethereum Mainnet

Coinbase announced on Twitter that a new version of Coinbase’s cloud which supports multi-party computation (MPC) went live on Tuesday.

Coinbase product launch on Ehereum Mainnet

It further added on its Twitter handle that the new product is a Web3 wallet solution, it’s a D2U (direct-to-user) product. The new “Coinbase Wallet as a Service” has launched on Ethereum’s main net.

The product was first launched by the company in March. The exchange described it to the companies as wallets that are fully customizable on-chain for their customers.

The company representatives explained in March that end users do not need to maintain a complicated 24-word recovery phase to explore Web3 as WaaS is powered by Multi-Party Computation (MPC) cryptographic technology.

According to the information available with the MPC wallet solution, Coinbase users can create, access, and restore their wallets by using just their username and password.

The new product also allows API and SDK-powered interactions through Web3. The Pay SDK feature of Coinbase enables a variety of digital asset purchases. The exchange also mentioned that the secondary API facility of Coinbase has the ability to help businesses facilitate crypto-based payments which will also include DeFi solutions.

Basically, MPC solutions splits its private key behind a wallet into different parts which also can be split between multiple owners to keep their digital assets safe.

So using MPC solutions, users of the Coinbase Wallet service can remove their private keys from the exchange at any given time.

An Ethereum-based naming service, ENS Domains, has started to integrate with Coinbase’s wallet as a service product. One of the media houses reported that in April ENS partnered with Moonpay allowing users to buy domain names with fiat.

When asked about additional developments regarding ENS domains, one of the representatives hinted to the media house that there is more to come and did not provide any additional details.

What is Coinbase?

Coinbase is one of the biggest crypto exchanges in the world based in the United States. This exchange allows users to buy, sell and exchange over 250 coins on their platform. Some of the biggest coins on the platform are Bitcoin, Ethereum, and Solana.

Coinbase as a platform has more than 110 million users and more than $80 billion in assets.

The company was founded in 2017 with the main aim of sending and receiving Bitcoins but grew exponentially over time. As of now the company supports dozens of unique coins, has more than 4,500 employees worldwide, and is a completely decentralized company with no headquarters.

With active operations in more than 100 countries, Coinbase users trade approximately $145 billion per quarter.