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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/" 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>



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<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>
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<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>



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<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>
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<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>



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<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>



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<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>
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<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>



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Coinbase upgrades cloud product with multi-party computation

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