US cryptocurrency exchange Coinbase has just launched a new service called Wallet-as-a-Service (WaaS).
According to the company, the tool has been designed for companies to quickly and easily implement cryptocurrency wallets in a web interface, as well as their integration into applications.
WaaS aims to make setup as easy as creating a username and password.
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Patrick McGregor, head of development at Coinbase, has said:
"It's basically eliminating this huge source of friction for getting Web3 adopted. Effectively, we've created a system to give wallets to literally every human on the planet."
The tool is a set of APIs and uses multi-party computing technology that shares encryption keys between the user and the company. This means that the wallet can be easily restored if the customer loses access to their device.
According to McGregor, some market participants, including Floor, Moonray, Thirdweb and Tokenproof, have already tested Coinbase's new product.