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<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/" rel="noopener noreferrer nofollow">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"><p>1/ 🎉 Coinbase Wallet as a Service has now launched on mainnet, bringing seamless web3 onboarding to everyone, everywhere! <a href="https://t.co/s2hFIlw2IK" rel="noopener noreferrer nofollow">pic.twitter.com/s2hFIlw2IK</a></p>— Coinbase Cloud 🛡️ (@CoinbaseCloud) <a href="https://twitter.com/CoinbaseCloud/status/1661031793628262401?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 23, 2023</a></blockquote></div></figure><p>This <a href="https://www.coinbase.com/blog/coinbase-announces-wallet-as-a-service-now-any-company-can-seamlessly" rel="noopener noreferrer nofollow">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 rel="noopener noreferrer nofollow">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" rel="noopener noreferrer nofollow">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"><p>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" rel="noopener noreferrer nofollow">pic.twitter.com/Z8ikkfZDry</a></p>— Coinbase 🛡️ (@coinbase) <a href="https://twitter.com/coinbase/status/1633473047410737154?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 8, 2023</a></blockquote></div></figure><p>Furthermore, the Coinbase WaaS product enables various interactions within the web3 space through APIs and SDKs. For instance, Coinbase’s Pay SDK facilitates purchasing a wide range of <a href="https://crypto.news/us-sec-delays-ratification-of-digital-assets-definition/" rel="noopener noreferrer nofollow">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"><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" rel="noopener noreferrer nofollow"> 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’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" src="https://www.youtube.com/embed/5E7otlrVH5s?feature=oembed"></iframe></div></figure><p>The <a href="https://crypto.news/ens-domains-surged-to-all-time-highs-in-2022/" rel="noopener noreferrer nofollow">ENS Domains</a>, an Ethereum-based naming service, has already begun utilizing Coinbase’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’ integration with Coinbase’s product, a representative from the exchange stated that there is “more to come.” 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/" rel="noopener noreferrer nofollow">mandamus petition</a> in response to the Securities and Exchange Commission’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"><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" rel="noopener noreferrer nofollow"> SEC urges court to reject Coinbase’s demand for regulatory clarity </a></div>

Coinbase upgrades cloud product with multi-party computation

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