March 28, 2023

Coinbase Launches New Service to Simplify Digital Wallets

Coinbase, one of the world’s largest cryptocurrency exchanges, has unveiled a new service called Wallet as a Service. The service aims to make Web3 technology more accessible to both companies and consumers by simplifying digital wallets.

Wallet as a Service is a set of developer tools that allow companies to embed custom, digital wallets directly in their applications. The goal is to make setting up a wallet as easy as creating a username and password, avoiding the technical nature of most standalone digital wallets today.

According to Coinbase’s Patrick McGregor, the new service will eliminate a huge source of friction for getting Web3 adopted. “Effectively, we’ve created a system to give wallets to literally every human on the planet,” he said.

The company’s announcement follows previous news that Coinbase will launch its own Ethereum layer-2 network called Base. The platform aims to become a popular choice among developers and users by offering faster and cheaper transactions.

Coinbase’s move to simplify digital wallets is part of a broader effort to make cryptocurrency more accessible to the masses. As more people become interested in crypto, the need for user-friendly tools and services will only continue to grow. With Wallet as a Service, Coinbase hopes to make it easier for companies to integrate digital wallets into their products and for consumers to start using them.

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