Coinbase Launches Its New Wallet Manager on the Ethereum Mainnet

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Coinbase, a renowned exchange and developer of software linked to cryptocurrencies, has implemented its new wallet management service on the Ethereum mainnet. This product, called Wallet As a Service, aims to provide seamless web3 integration for Ethereum users around the world.

Coinbase Wallet As a Service allows users to create, access and restore their wallets using a username and password, without the need to download an additional application. This functionality improves the user experience by simplifying the wallet management process, explained the company when announcing the product.

One of the features that Coinbase highlights about Wallet as a Service is its focus on the security of user funds. The app uses Multi-Party Computation (MPC) technology to securely split, encrypt, and distribute the keys of the wallets created with it among multiple parties.

Users will not need to manage a 12 or 24 word recovery phrase thanks to this mechanism. Additionally, the ability for users to export their keys at any time via Wallet As a Service was announced, giving them greater control over their assets.

The launch of the Wallet as a Service on the main Ethereum network aroused the interest of other projects in the ecosystem of what is called web3. Teams like ENS Domains are already exploring the possibilities of building on this platform, says the Coinbase Cloud tweet, with the aim of improving the security and usability of web3 experiences.

Coinbase already has its own Ethereum wallet

The North American exchange already has its own Ethereum wallet, called Coinbase Wallet. Both this wallet, reported in previous CriptoNoticias articles, and Wallet As a Service are two related services, but with key differences in their operation and approach.

Coinbase Wallet is a cryptocurrency wallet developed by Coinbase. It allows users to store, send, and receive different cryptocurrencies, including bitcoin (BTC), ether (ETH), and others. Meanwhile, Wallet as a Service is an extension that provides an integrated solution for creating, accessing and restoring wallets using a username and password. With Wallet As a Service, users can manage their wallets directly within an app or platform.