Ethereum

Read

<p class="is-style-lead">Crypto exchange Coinbase has unveiled an enhanced version of its cloud product incorporating multi-party computation (MPC). It offers users a web3 wallet solution on the Ethereum mainnet.</p>



<p>Coinbase announced the launch of an updated version of its cloud product. The new iteration incorporated multi-party computation (MPC) and was made available to the public on May 23.</p>



<p><a href="https://crypto.news/coinbase-advocates-for-better-crypto-regulations-in-us/" data-type="URL" data-id="https://crypto.news/coinbase-advocates-for-better-crypto-regulations-in-us/" target="_blank" rel="noreferrer noopener">Coinbase</a> referred to this web3 wallet solution as Coinbase Wallet-as-a-Service (WaaS), emphasizing its direct-to-user nature. The product has been launched on the Ethereum mainnet, expanding its reach within the cryptocurrency ecosystem.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">1/ 🎉 Coinbase Wallet as a Service has now launched on mainnet, bringing seamless web3 onboarding to everyone, everywhere! <a href="https://t.co/s2hFIlw2IK" target="_blank">pic.twitter.com/s2hFIlw2IK</a></p>&mdash; Coinbase Cloud 🛡️ (@CoinbaseCloud) <a href="https://twitter.com/CoinbaseCloud/status/1661031793628262401?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 23, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>This <a href="https://www.coinbase.com/blog/coinbase-announces-wallet-as-a-service-now-any-company-can-seamlessly" target="_blank" data-type="URL" data-id="https://www.coinbase.com/blog/coinbase-announces-wallet-as-a-service-now-any-company-can-seamlessly" rel="noreferrer noopener">offering</a> was initially introduced by Coinbase back in March, with the exchange highlighting its potential for providing fully customizable on-chain wallets to companies and their customers. </p>



<p>By leveraging multi-party computation (<a href="http://crypto.news/penta-security-partners-r3-for-digital-asset-management-mpc-technology/(" target="_blank" data-type="URL" data-id="crypto.news/penta-security-partners-r3-for-digital-asset-management-mpc-technology/(" rel="noreferrer noopener">MPC</a>) cryptographic technology, the solution eliminates the need for end users to manage complex 24-word recovery phrases, making it more user-friendly.</p>



<p>A recent <a href="https://twitter.com/coinbase/status/1633473047410737154?s=20" data-type="URL" data-id="https://twitter.com/coinbase/status/1633473047410737154?s=20" target="_blank" rel="noreferrer noopener">tweet</a> from Coinbase stated that customers utilizing the MPC wallet solution can now create, access, and restore their wallets using a simple username and password. This streamlined process enhances convenience and accessibility for users.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">4/ Wallets deployed using Wallet as a Service use advanced multi-party computation (MPC) for added security, helping keep user assets safe by securely dividing, encrypting and distributing keys among multiple parties. <a href="https://t.co/Z8ikkfZDry" target="_blank">pic.twitter.com/Z8ikkfZDry</a></p>&mdash; Coinbase 🛡️ (@coinbase) <a href="https://twitter.com/coinbase/status/1633473047410737154?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 8, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Furthermore, the Coinbase WaaS product enables various interactions within the web3 space through APIs and SDKs. For instance, Coinbase&#8217;s Pay SDK facilitates purchasing a wide range of <a href="https://crypto.news/us-sec-delays-ratification-of-digital-assets-definition/" data-type="URL" data-id="https://crypto.news/us-sec-delays-ratification-of-digital-assets-definition/" target="_blank" rel="noreferrer noopener">digital assets</a>, while an additional Coinbase API allows businesses to integrate crypto-based payments, including decentralized finance (DeFi) solutions.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/coinbase-advocates-for-better-crypto-regulations-in-us/" class="cn-block-related-link__link">
            Coinbase advocates for better crypto regulations in US        </a>

    
</div>


<p>Multi-party computation (MPC) solutions, such as the one employed by Coinbase, involve splitting the private key associated with a wallet into multiple shards. This fragmentation ensures the safekeeping of digital assets by distributing the responsibility among various owners.</p>



<p>One notable aspect of Coinbase&#8217;s WaaS offering is that users have the ability to remove their private keys from the exchange at any time. </p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="Coinbase Cloud Launches Next Generation of Web 3 Developer Tools" width="1020" height="574" src="https://www.youtube.com/embed/5E7otlrVH5s?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>The <a href="https://crypto.news/ens-domains-surged-to-all-time-highs-in-2022/" data-type="URL" data-id="https://crypto.news/ens-domains-surged-to-all-time-highs-in-2022/" target="_blank" rel="noreferrer noopener">ENS Domains</a>, an Ethereum-based naming service, has already begun utilizing Coinbase&#8217;s WaaS product. In collaboration with Moonpay, ENS allows users to purchase .eth domain names using traditional fiat currencies.</p>



<p>When asked about future developments regarding ENS Domains&#8217; integration with Coinbase&#8217;s product, a representative from the exchange stated that there is &#8220;more to come.&#8221; However, no further details were provided at this time.</p>



<p>In other news related to Coinbase, the exchange recently filed a <a href="https://crypto.news/coinbase-takes-legal-action-against-sec/" target="_blank" data-type="URL" data-id="https://crypto.news/coinbase-takes-legal-action-against-sec/" rel="noreferrer noopener">mandamus petition</a> in response to the Securities and Exchange Commission&#8217;s (SEC) alleged lack of specificity in digital asset regulation. Coinbase seeks additional clarity from the regulatory agency on this matter.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/sec-urges-court-to-reject-coinbases-demand-for-regulatory-clarity/" class="cn-block-related-link__link">
            SEC urges court to reject Coinbase’s demand for regulatory clarity        </a>

    
</div>

Coinbase upgrades cloud product with multi-party computation

crypto.news

Other articles published on May 24, 2023

Binance Allegedly Commingled Customer Funds and Company Revenue, Former Insiders Claim

Crypto whale goes long on ETH, hinting at possible price jump

Top 3 Loopring Wallets

IOSCO Unveils First Global Approach to Crypto Asset Regulation

European Banks Outpacing U.S. Counterparts

DOGE Tanks 3% After Elon Musk Warns Dogecoin Traders

Join our free newsletter for daily crypto updates!