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News Exchange- The goal is to remove the technical complexities associated with independent digital wallets.
- Coinbase wanted to make setting up a wallet as simple as creating a username and password.
On Wednesday, Coinbase introduced a new service. It claims it will make Web3 technology more accessible for businesses and individuals by streamlining digital wallets.
Wallet as a Service is a set of programming tools. It allows businesses to incorporate their branded digital wallets into their own applications. As stated, Coinbase’s goal is to eliminate the technical complexities associated with most of the independent digital wallets now available. And make setting up a wallet as simple as creating a username and password.
This development comes after Coinbase revealed plans to build its own Ethereum layer-2 network dubbed Base. The company has high aspirations for Base as a platform for developers to use in building and hosting decentralized applications.
More Focus on Subscriptions and Services
As digital asset values fall, trading volumes on Coinbase decrease. Encouraging companies to focus more on subscriptions and services. Despite being the largest crypto exchange in terms of trading volume in the United States, the company lost $2.6 billion in 2022 after generating $3.6 billion the previous year.
The company’s head of product for the Web3 developer platform, McGregor, stated that the new Wallet-as-a-Service product has been in the works for over a year and was developed to be “use-case agnostic,” making it suitable for a wide variety of businesses, including those in the retail sector, games and social media.
According to McGregor, Base and Wallet as a Service are often seen as complementary elements of the supply and demand model. The Web3 application base drives user engagement, and the increase in the number of users with digital wallets drives the demand for a wider variety of applications.
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