Coinbase has announced the launch of its Wallet-as-a-Service (WAaS) suite, hoping to drive cryptocurrency adoption among the masses. The service will ease the process of digital wallet onboarding for the next set of crypto investors. The crypto exchange is hoping to bring the next hundred million people into Web 3, which will be the next phase of Web 2, or the Internet as we know it today. Based largely on a blockchain network, Web3 aims to bring more autonomy to the currently existing government-controlled Internet.
coinbase WaaS will provide a programming interface for crypto companies to use and create their custom Web3 digital wallets. crypto exchange The infrastructure claims to load the service with a ‘scalable and secure’ set of APIs for companies to choose the best for their own crypto wallet services.
“Companies can offer their users a form of onboarding directly into their app in the form of a username and password. Whether enabling gamers to trade in-game items and currency or through loyalty programs such as token-based rewards WaaS is a powerful tool for companies looking to harness the potential of Web3,” Coinbase wrote Announce it in the post.
3/ Users can create, access and restore their wallets with authentication in the form of a username and password without worrying about seed phrases.
— Coinbase (@coinbase) March 8, 2023
Crypto firms such as Tokenproof, Floor, Thirdweb and Moonray have already tried out Coinbase’s WaaS, the company added in its tweet thread.
While Coinbase has decided to expand its suite of crypto services, some would argue that it is not ideal market conditions that should lead to an upswing in the use of this service.
After the crypto winter of 2022 and the recession that befell us in the post-COVID-19 era, many crypto companies draw the curtains on their operations amid market pressure.
A large number of employees working in the crypto sector were laid off. Useless overnight in recent months.
To stabilize the troubled US economy, President Joe Biden is looking to Amendments in Some crypto rules to favor the national treasury.
Biden’s upcoming budget announcement could double the capital gains tax rate for crypto investors this year. This could mean that long-term crypto holders with portfolios above $1 million (roughly Rs. 8 crore) could be asked to pay a higher tax of around 39.6 percent.
Speculation over tax changes in the US surrounding cryptocurrencies has contributed to the current bearish market sentiment.
Additionally, crypto-friendly banks silvergate Too announced The suspension of its services due to market stress, is preparing investors to exit the high-risk investment area.
Despite the tough days ahead for the crypto sector, Coinbase CEO Brian Armstrong has repeatedly reiterated that the crypto industry has the potential to create a great future.