Coinbase Launches New E-Wallet Service On Ethereum Despite Tension With SEC

Key Points:

• Exchange platform Coinbase has launched a wallet as a service (WaaS) on the Ethereum mainnet.
• The service will provide multi-party computing (MPC) key management and transaction coordination, as well as primary backup and export functions and recovery.
• Despite the legal battle with the SEC, Coinbase still seems to be working on scaling.

Coinbase has launched a new wallet service on the Ethereum mainnet and supports ERC-721 and ERC-1155. It uses MPC technology to secure customer assets.

As shared on Twitter by a software developer at Coinbase, the company has named its Web3 wallet solution as a direct-to-user product, “Wallet as a Service,” adding that the product has already been released and launched on the Ethereum mainnet.

According to the introduction, WaaS uses the most advanced multi-party computing (MPC) technology to secure customers’ private keys. Both key generation and message signing use MPC to enable the maximum security properties of these decentralized algorithms. Customers using the MPC wallet solution can create, access, and recover their wallets with just a username and password.

The product enables various Web3 interactions through APIs and SDKs. Coinbase Payments SDK facilitates the purchase of a wide range of digital assets. The exchange said the secondary Coinbase API facilitates businesses’ ability to integrate crypto-based payments, including DeFi solutions. Wallet as a Service users can remove their private keys from the exchange anytime.

Coinbase seems to be still working on developing new products and expanding its scale to countries outside the US amid an intense legal battle with the SEC.

In the latest retaliatory action, the exchange has filed a mandatory petition in response to what the exchange has said is the SEC’s refusal to provide more specificity on digital asset regulation.

Coinbase previously announced plans to open a derivatives exchange in Bermuda, and this week this exchange also revealed an expansion in Singapore. The crypto exchange has expanded its Coinbase One subscription service to the UK, Germany, and Ireland and aims to expand its international reach in 35 countries.

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