What is Wallet-as-a-Service (WaaS)?

Wallet-as-a-Service (WaaS) is a secure and scalable crypto wallet infrastructure that offers users a variety of options for digital asset management. WaaS provides a comprehensive solution for individuals and businesses that want to securely store and manage their digital assets, and for companies seeking to create customizable blockchain-based digital wallets for their customers.

One of the key features of WaaS is the ability to create both custodial and non-custodial (or self-custodial) crypto wallets. Non-custodial wallets give users complete control over their private keys, affording them the highest level of security and control over their funds. Alternatively, custodial wallets offer the convenience of a centralized custodian, making it easier for users to manage their assets with less technical expertise or responsibility required.

WaaS also provides an easy-to-use interface and integration across a multitude of blockchains, enabling users to easily transfer, receive, and store all of their crypto assets in one place.

Another advantage of WaaS is that it offers a robust key recovery system, ensuring that users can safely access their blockchain-based wallets even if they lose their private keys. This is an important feature to consider, as there are no shortage of stories of crypto users who have permanently lost significant sums of money when they lost access to their private keys and backup phrases.

Furthermore, WaaS enables low-cost transaction fees, making it an affordable tool for both businesses and individuals. These cost-effective digital payments help users to avoid the high fees typically associated with the traditional banking system.

Wallet-as-a-Service is a powerful way to securely and efficiently manage digital assets. With non-custodial and custodial digital wallet solutions, easy to use interfaces, integrations with a large number of popular blockchains, robust key recovery systems and low fees, WaaS offers a cohesive customer experience while keeping user assets safe and secure.

Why do companies need Wallet as a Service?

The Wallet as a Service platform is becoming increasingly essential for companies operating in the digital asset space. With the explosive growth of blockchain technology and the widespread adoption of cryptocurrencies, companies need a reliable and secure wallet solution to manage their blockchain wallets and facilitate transactions more than ever.

One of the key advantages of WaaS is its ability to provide secure and programmable wallets. These onchain wallets integrate the latest in cryptographic technology, ensuring the highest level of safety and privacy of user assets. At the same time, WaaS platforms allow users to easily access and manage their wallets across multiple devices and platforms.

Another important feature of WaaS is key ownership. Unlike the custodial wallets offered by crypto exchanges, WaaS platforms ensure that users retain full control over their private keys. This means that users have complete ownership and control over their crypto assets, reducing the risk of theft, loss, or misuse.

Scalability is another reason for why companies should utilize WaaS. These platforms are designed to handle millions of users and provide frictionless transactions even during peak times of activity.

Additionally, WaaS platforms leverage advanced multi-party computation (MPC) security, adding an extra layer of protection to user assets. This secure computation method allows for the secure handling of crypto transactions and activities even in the presence of multiple participants.

By utilizing WaaS, companies can enjoy native integration with a large number of blockchain networks, enabling them to easily send crypto payments, receive payments from customers, and store crypto assets across different chains. This opens up opportunities for companies to explore the capabilities of web3, token-gated events, and other innovative use cases.

Companies need WaaS to ensure security while providing an intuitive user experience. With the ability to scale, utilize advanced security measures, and cater to millions of users, WaaS platforms offer companies the necessary tools to navigate the evolving digital asset landscape at scale.

How to Get Started with Wallet as a Service

Getting started with Wallet as a Service (WaaS) is a straightforward process that enables businesses and individuals to easily set up and integrate the infrastructure they need in order to manage their crypto assets.

First, users can sign up for a WaaS platform and create their wallet. This step usually involves securely generating a pair of cryptographic keys - a public key for receiving funds and a private key for accessing and managing those funds.

Once a wallet, or wallets, are created, users can easily access and manage them across multiple devices and platforms. Whether it's checking balances, making digital payments, or monitoring transaction history, the user-friendly interface of a WaaS platform ensures simple and hassle-free user experience.

Users also have the option to export their private keys if they prefer to have direct control or use them with other applications or wallets. This flexibility provides users with the freedom to use their keys outside of the WaaS platform while still ensuring the security and management offered by the service.

Built for 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 have the ability to generate and control private keys for their users' web3 wallets. This allows them to create unique receive addresses for each user, providing a higher level of privacy and security. By using different receive 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 about how BitGo can help you use Wallet as a Service to solve wallet management for your business or to request a demo, connect with us.