News

Wallet-as-a-Service comes to Coinbase L2 network, Base

Published

2 years ago

April 20, 2023

Coinbase Cloud has integrated Wallet as a Service into its recent L2 network, Base. The integration will activate Wallet as a Service support on Base Goerli Testnet providing builders on the Base platform a way for developers on the Base platform to onboard new users to their dapps using wallet services.

gm builders! 🛠 We're excited to announce that Wallet as a Service now supports @BuildOnBase Goerli testnet

Base makes it easy to build onchain applications, offering the security and benefits of Ethereum at 10x lower cost. pic.twitter.com/DwMApATUWY
— Coinbase Cloud (@CoinbaseCloud) April 19, 2023

Wallet as a Service (WaaS) is a set of wallet infrastructure APIs that allows businesses and developers to create and provide their users access to Web3 wallets natively in their apps. It allows users to create on-chain wallets, enable Web3 interactions, and personalize user experiences.

In February 2023, Coinbase Global launched Base testnet as an Ethereum layer-2 network, to serve as an on-chain home for Coinbase products. The Base network is secured by the Ethereum chain, empowered by Coinbase, and built on the Open source OP stack with OptimismFND.

Since its launch, Base has had notable integrations and partnerships from known web3 players like Infura, Blockdaemon, Optimism, and Quicknode.

Earlier, on March 8, 2023, Coinbase introduced its Wallet as a Service into the web3 market and described it as “a scalable and secure set of wallet infrastructure APIs, enabling companies to create and deploy fully customizable on-chain wallets.”

According to Coinbase, wallets deployed using Wallet as a Service use advanced multi-party computation (MPC) for added security, by dividing, encrypting and distributing keys among multiple parties.