Coinbase’s New Wallet-as-a-Service Launched Despite Crumbling Crypto Market: Details

Coinbase has announced the launch of its Wallet-as-a-Service (WaaS) suite of offerings and expects to increase the mass adoption of cryptocurrencies. This service will simplify the process of onboarding digital wallets for the next group of crypto investors. The crypto exchange expects to introduce the next hundred million people to Web3, which will be the next phase of Web2, or the Internet as we know it today. Web3 is largely based on the blockchain networks and aims to bring more autonomy to the currently existing government-controlled internet.

Coinbase’s WaaS will provide a programming interface for crypto companies to use and create their custom Web3 digital wallets. The crypto exchange claims to have loaded this service with a set of “scalable and secure” infrastructure APIs to allow businesses to choose the best for their own crypto wallet services.

“Enterprises can offer wallets to their users directly within their apps, with onboarding as simple as a username and password. Whether enabling players to trade in-game items and currencies, or creating new avenues for loyalty programs like token-based rewards, WaaS is a powerful tool for businesses looking to leverage the potential of Web3,” Coinbase wrote in its announcement post.

3/ Users can create, access and restore their wallets with simple authentication like a username and password without worrying about seed phrases.

— Coinbase (@coinbase) March 8, 2023

Crypto firms named Tokenproof, Floor, Thirdweb, and Moonray have already tried 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 this isn’t the ideal market situation that could accelerate adoption of this service.

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After the crypto winter of 2022 and the recession that followed us into the post-COVID-19 era, several crypto companies drew the curtain on their operations in the face of market pressures.

A large number of employees working in the crypto sector have been left unemployed overnight over the past few months.

In a bid to stabilize the turbulent US economy, President Joe Biden is exploring ways to change certain crypto rules to favor the 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 a portfolio of over US$1 million (approximately Rs.8 billion) could be asked to pay a higher tax of around 39.6 percent.

The speculation about tax changes related to crypto in the USA alone has contributed to the currently lower market sentiment.

Additionally, crypto-friendly bank Silvergate also announced the suspension of its services amid market tensions, leaving investors poised to divest from the risky investment space.

Despite the ongoing tough days for the crypto sector, Coinbase CEO Brian Armstrong has consistently reiterated that the crypto industry has the potential to achieve a bright future.

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