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- 1 Circle, the fintech company behind USDC, recently declared the release of a new Wallet-as-a-Service platform.
- 2 The service enables developers to build and embed wallets in their applications.
- 3 Using Circle’s Wallet-as-a-Service solution, developers can seamlessly onboard millions of users to explore the Web3 space.
In a strategic push to make Web3 adoption easier to users, renowned fintech firm Circle announced the launch of a new programmable crypto wallet service. The new initiative bestows developers the ability and freedom to easily create and embed secure wallets in their apps. Moreover, its user-friendly interface enhances users’ accessibility to digital currencies, non-fungible tokens (NFTs), and invaluable blockchain-based experiences.
Circle’s co-founder, Jeremy Allaire, shared a tweet regarding this exciting development on July 6, 2023, Thursday. “We quietly released the first major milestone of Circle Web3 Services into production beta this week,” he stated, adding, “Circle Programmable wallets is our new Wallet-as-a-Service developer platform.”
We quietly released the first major milestone of @circle Web3 Services into production beta this week. Circle Programmable Wallets is our new Wallet-as-a-Service developer platform. https://t.co/YmnAc2dsU7
— Jeremy Allaire (@jerallaire) July 6, 2023
Web3 services branch of Circle is a toolshed for developers designed to assist them in building “delightful Web3 apps fast.” It provides indispensable resources like Software Development Kits (SDKs) and Application Programming Interfaces (APIs) to transform developers’ ideas into reality without compromising reliability and security.
Circle, a peer-to-peer payment services company, is an issuer of USD Coin (USDC) along with the famous crypto exchange, Coinbase. As mentioned on its official website, Circle’s Wallet-as-a-Service solution enables companies to seamlessly onboard billions of users in the Web3 ecosystem with a familiar UX.
Using this tool, developers can embed wallets into their existing UI for a “delightful and streamlined user experience that your customers expect.” On the other hand, end users can enter and explore Web3 with these wallets via a simple PIN authentication process.
Moreover, Circie’s Wallet-as-a-Service (WaaS) simplifies the account recovery process for users with its Multiparty Computation (MPC) cryptographic technology. MPC, a next-generation approach to multi-sig, prevents a single point of failure by distributing ‘private keys’ of a Web3 wallet across multiple parties. In case there are accidental and intentional acts of theft and misuse of these keys, the advanced and automatic backup of MPC ensures their security.
Seamless Onboarding of Users with Circle’s WaaS Solution
The third generation of the internet (Web3) unlocks a world of opportunities for firms to serve their users with. Crypto wallets are unique solutions in the crypto world that make digital assets practically usable for users. Regardless of their type, these wallets enable users to store, send, receive, and manage their digital assets on blockchains.
However, crypto wallets present challenges like difficult user-verification, complex smart contracts, and unappealing gas fees that prevent companies and users from utilizing the untapped potential of Web3. Circle’s groundbreaking innovation of programmable Web3 wallets offer a feasible solution to these issues of the crypto industry.
As per Circle, WaaS platform enables developers to deploy fully customizable wallets by using a unique set of tools. A distinctive aspect of this service is its blockchain-agnostic nature. This feature allows developers to build a Web3 wallet once and use it seamlessly across blockchain networks without requiring any blockchain-specific code.
These wallets are currently supporting blockchains, including Ethereum and Avalanche. However, Circle has expressed future plans to expand to other chains also. Another striking feature of WaaS is the flexibility around wallet custody options. Developers can use wallet RESTful APIs to offer either developer-custodied or user-custodied wallets with frictionless Web2 UX.
In addition to the facility of secure wallets embedded directly in the apps, Circle’s WaaS also offers robust operations monitoring options. These features empower developers to troubleshoot their applications while also supporting users effectively. Also, to provide a user-friendly gateway to Web3 for users, operations monitoring offers built-in transaction logs, user-level monitoring, and error reporting.
Circle emphasized that WaaS is a one-stop-shop experience. It covers necessary tools and services required for accomplishing complex tasks like transaction monitoring,
handling security, and so much more. Similar to Coinbase’s “Wallet as a Service” platform that launched earlier this year, the WaaS platform of Circle can be effortlessly scaled to offer value to million users worldwide.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
