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Why do companies need Wallet as a Service?

Rebecca lalav
Rebecca lalavMay 06, 2024
Why do companies need Wallet as a Service?

Why do companies use Wallet as a Service

WaaS is crucial for companies dealing with digital assets. With the rise of blockchain and cryptocurrencies, having a secure and dependable wallet solution is vital for managing transactions.

WaaS offers secure and programmable on-chain wallets using advanced cryptographic tech, ensuring high levels of safety and privacy for user assets. It allows easy access and management across various devices.

Key ownership is a standout feature. Unlike exchange wallets, WaaS ensures users have full control over private keys, reducing risks of theft or loss.

Scalability is another perk. WaaS platforms handle millions of users and ensure smooth transactions, even during peak activity.

WaaS uses advanced multi-party computation (MPC) for added security, safeguarding user assets during crypto transactions involving multiple participants.

Companies benefit from WaaS through native integration with various blockchain networks, allowing seamless sending and receiving of crypto payments across different chains. This opens up possibilities for exploring web3 capabilities and innovative use cases.

WaaS provides security and a user-friendly experience. Its scalability, advanced security, and ability to cater to many users make it a valuable tool for companies navigating the evolving digital asset landscape.

How to Get Started with Wallet as a Service

To get started with Wallet as a Service (WaaS), companies can follow these general steps:

  1. Choose a Provider: Select a WaaS provider such as Bitpowr or other reputable companies offering WaaS solutions.
  2. Create an Account: Sign up and create an account with the chosen WaaS provider.
  3. Integrate WaaS APIs: Use the WaaS APIs to integrate flexible and extensible crypto wallets into the company’s applications.
  4. Set Up Environment: Follow the provider’s guidelines to set up the development environment, including installing necessary dependencies, and authentication of API keys.
  5. Build and Test: Develop and test the integration of WaaS into the company’s products or services, ensuring a seamless and secure user experience.
  6. Scale and Monitor: Once the WaaS is integrated, companies can scale transactions effortlessly and monitor operations to ensure a smooth user experience and address any issues that may arise. At Bitpowr, we walk you through the onboarding journey and help you scale effortlessly.

Developers

Wallet as a Service (WaaS) is user-friendly, but it’s also built with developers in mind. By offering a comprehensive suite of developer tools and wallet APIs, WaaS simplifies the process of integrating wallet functionality into your applications and services.

One of the key advantages for developers is the ability to achieve robust wallet functionality with less code. WaaS provides a range of pre-built APIs for developers building web3 features and functionalities, allowing developers to focus on building their applications rather than reinventing the wheel. This streamlined approach saves valuable time and resources, enabling quicker development cycles and faster time-to-market.

Another significant aspect of WaaS is its blockchain-agnostic nature. Developers can integrate wallets into their applications regardless of the underlying blockchain technology. This means that WaaS supports multiple blockchains, including Ethereum, Polygon, and Avalanche. With support for these widely-used blockchains and more to come, developers can easily create applications for users and offer versatile wallet functionality.

The developer-centric approach of WaaS provides an accessible and efficient solution for incorporating wallet services into your applications. By reducing complexity, developers can focus on creating innovative solutions and delivering an exceptional user experience.

WaaS empowers developers to create the next groundbreaking digital applications.

Built for web3 startups

Wallet-as-a-Service (WaaS) is also an ideal fit for web3-native startups. Specifically designed to cater to the needs of blockchain-based applications, WaaS provides a range of pre-built features and functionalities that enhance the overall web3 experience.

With WaaS, web3 startups can integrate native wallet capabilities into their applications using WaaS APIs. This integration allows users to manage their digital assets without being redirected to third-party wallet applications. By keeping the entire process in house, WaaS enables a fluid user journey and builds trust among users.

Furthermore, WaaS gives users complete ownership and control over their assets, enhancing security and privacy while giving users the freedom to transact and manage their assets independently.

By leveraging the power of WaaS APIs, web3 startups can provide their users with a feature-rich and user-centric wallet experience while building their web3 presence.

Built for crypto founders

WaaS provides a comprehensive digital assets management solution tailored to the unique needs of crypto founders.

With WaaS, crypto founders can easily manage and secure their digital assets. Crypto founders can trust that their users will be able to manage their assets without the need for third-party wallet applications.

WaaS’s blockchain agnostic nature, ensuring that crypto founders can cater to a wide range of users and provide a versatile digital asset management solution. Whether users are operating on Ethereum or exploring other blockchains, founders can leverage WaaS to offer a unified experience.

In addition to digital asset management, WaaS prioritizes security. Crypto founders can rely on the robust security measures built into the service to safeguard user assets. By leveraging industry-leading cryptographic technology and secure wallet infrastructure APIs, WaaS ensures that user assets are secure.

WaaS is ideally-suited to the unique needs of crypto founders. Its functionality, flexibility, and focus on security make it an ideal choice for managing and securing digital assets across multiple blockchains.

Key management: Wallet as a Service

Key management is a crucial part of Wallet as a Service (WaaS) that ensures the security and integrity of users’ digital assets. In conjunction with regular hot wallets, WaaS offers advanced key management capabilities that enhance the overall security of the wallet infrastructure.

With key management, crypto founders can generate and control private keys for their users’ web3 wallets. This allows them to create unique receiving addresses for each user, providing a higher level of privacy and security. By using different receiving addresses for each transaction, the risk of address reuse and potential exposure of user funds is significantly reduced.

Pairing key management with custodial wallets is an important measure for securing user assets. Custodial wallets store users’ private keys offline in highly secure environments, minimizing the risk of unauthorized access and reducing the likelihood of hacking or theft.

By integrating key management into WaaS, crypto founders can ensure that user assets are protected and that their wallets are more resistant to threats. This combination of advanced key management and custodial wallets provides users with a secure and reliable digital asset management solution.

To learn more on how Bitpowr can help you use Wallet as a Service to solve wallet management needs for your business or to request a demo, here

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