The platform has announced the availability of a Web3-based wallet solution. The respective initiative was created to provide consumers with convenience. The latest initiative is known as Wallet as a Service (or WaaS). This solution has been introduced on the Ethereum network's mainnet.

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The Latest Wallet-as-a-Service Offering from Coinbase Is Now Available on Ethereum Mainnet

According to the reports, the new Wallet-as-a-Service solution uses multi-party and cutting-edge computation to protect the private keys of its customers. The respective initiative was launched on the 23rd of this month, according to the cryptocurrency exchange. According to an announcement made by the software developer on Twitter, the newest service is a cloud-based variation of the crypto platform's main product.

According to the reports, the distinctive service is a direct-to-end-user initiative. The emerging multi-party computing technology is used by the exclusive service to protect the private keys of its clients. In addition, the service uses MPC technology for both message signature and key generation. This ensures the extensive security characteristics of the distributed algorithms.

In a blog post, it was revealed that users of the storage service provided by the cryptocurrency exchange could enjoy various benefits. These features account for the construction of, access to, and recovery of wallets using only a username and password. The cryptocurrency exchange initiated the initiative in March of this year.

Upon the initial launch of the project, Coinbase began selling it to entities offering wholly modifiable on-chain wallets to their customers. At that time, representatives from the cryptocurrency exchange emphasized the use of the cryptographic technology of Multi-Party Computation (MPC) to increase consumer trust.

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WaaS Service Enhances Security and Supports ERC-1155 and ERC-721 for User Convenience.

According to them, customers can utilize this technology and participate in the Web3 space without having to remember a 24 word recovery phrase. As is widely known, MPC solutions aim to divide the private key associated with a wallet. Thus, the respective key is fragmented into multiple pieces. The consumers can then disseminate the fragments to their respective owners.

This guarantees the security of the consumer's digital assets. In addition, according to the Twitter announcement, the WaaS solution includes the MPCTransactionService feature. This feature conducts MPC-signed transfers using a complex state machine. From conception to confirmation, a complete procedure is followed. It addresses reorganization, retries, and replacements, among other tasks.

In addition, the WaaS solution provides the option to manage Web3-based communications via SDKs and APIs. In addition, it offers support for ERC-1155 and ERC-721 to holders of non-fungible tokens (NFTs) who are permitted to mint PFP NFTs. With a small number of REST API queries, they can also distribute fan loyalty-related points and develop in-game items.

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Using Coinbase's Pay SDK, customers can acquire a variety of virtual assets. The cryptocurrency exchange has specified that a second Coinbase API facilitates the incorporation of crypto payments, taking DeFi solutions into account. The crypto exchange's recent project disclosures appear to elevate its status despite the legal difficulties it is currently facing.