Wallet as a Service, or WaaS, is a blockchain infrastructure product that enables organizations and businesses to offer their customer base an easy, safe, and flexible way to interact with digital assets and cryptocurrency.
It's a digital wallet solution that is easy to integrate and use, provides advanced security, supports multiple blockchains, and comes with key recovery system and low-cost fees.
Wallet as a Service has multiple use cases and can be adapted to different crypto and blockchain projects to match their needs. For example, you may have developed a crypto wallet or a payment service with the slickest design and smoothest UI, but unless you have a few blockchain experts in your team and the budget for running multiple nodes for multiple blockchains, you’re going to have a bad time.
And if you don’t but still want to do it alone, you’re going to face a massive learning curve for an area that is most likely beyond your core competency. You’ll not only dramatically slow down your time to market but spend too much money on developing a solution that already exists.
WaaS is a way to avoid all of these pitfalls and gain multiple benefits at the same time.
Instead of building wallet infrastructure from scratch, developers can seamlessly connect their crypto and blockchain solutions to the blockchain using fully-functional and scalable backend infrastructure without any of the complexity, financial, and operational headaches.
This comes with multiple benefits for businesses, including saving on development time and budget, quick go to market, easy scaling and strong security.
Let’s explore some of the benefits of Wallet as a Service for businesses:
Businesses operating with cryptocurrency need a way to communicate with the blockchain. They do that via blockchain nodes. Nodes act like a server that works to maintain the blockchain’s public ledger.
To be able to transact on or get data from one blockchain, you need access to a node that supports that specific blockchain. If you want to trade with multiple cryptocurrencies across multiple blockchains, then you need to run multiple nodes.
Running your own nodes is an expensive, and a technology- and labor-intensive operation. With a WaaS provider, you bypass all the set-up, maintenance, syncing, and scaling issues that are part and parcel of running nodes.
READ MORE: Blockchain Nodes Explained
Building your own wallet infrastructure takes a considerable amount of time. You’d have to draw up the development plans, raise the capital, find and hire a team of blockchain developers (which are like gold dust by the way and just as expensive), and then wait months for them to write the code.
Then comes the testing phase which would lead to dealing with the inevitable bugs and changes that set you back another few more months, requiring more capital.
You get the picture— it's expensive.
With a WaaS you can integrate in a matter of hours and launch on the market within days, with significant savings on your development, staffing, and infrastructure costs.
Scaling your crypto wallet’s backend is just as difficult as building it in the first place. Just think of it as more capital, more time, more effort, more resources, and ultimately, more problems.
When you choose to support your wallet using infrastructure from a WaaS provider, you get a scalable tool that is easy to implement and easy to build on. It allows you to allocate new wallets and addresses easily without affecting existing customers so you can grow your product and continue to deliver a great user experience.
Providing wallet and deposit addresses for digital assets is a huge responsibility and using a WaaS will help you mitigate the risk. You get access to a secure blockchain infrastructure and team of blockchain experts without the price tag or the headaches of dealing with it directly. You don’t need to worry about navigating the risks of blockchain security or designing cutting-edge cryptographic technology. The only thing you need to be concerned about is choosing the right Wallet as a Service provider.
Crypto APIs Wallet as a Service offers all of the above benefits and then some. Our team is dedicated to finding the best mix of features and functionalities that produce the highest-quality digital wallet infrastructure with quantum-level security so that businesses can focus on what they do best.
Our digital wallet solution features Multi-Party Computation (MPC) and Threshold Signature Scheme (TSS)— the most advanced cryptographic technology and authorization methods to ensure the highest level of security.
MPC is a keyless system which removes the single point of failure by replacing the single key with multiple key shares, individually generated. A full private key never exists and so is virtually impossible to hack.
The Crypto API Wallet as a Service is equipped with a Governance Layer functionality to create as many custom rules and policies as you want. By setting up well defined rules, not a single transaction can be executed without the approval of the appointed team members.
We’ve also added whitelisting which allows users to specify allowed addresses or give certain entities access and privileges that others won't have. This feature gives greater knowledge and control over transactions and their destinations.
Plus, Crypto APIs is also ISO/IEC 27001:2013 certified proving our dedication to cybersecurity and privacy. The ISO 27001 certificate is the only globally recognized and auditable security standard for the evaluation of a business’s ability to protect sensitive and confidential data.
Blockchain technology is continuously and rapidly advancing with new blockchain protocols emerging every day. The tasks of hosting and supporting all of them, while also creating a trusted, secure and easy-to-use wallet for all blockchains, can be near impossible.
Crypto APIs solves the problem by allowing you to provide one blockchain-agnostic wallet for any protocol. We support all of the top blockchain protocols and are continuously adding new ones including all new layers, standards and tokens.
Since MPC wallets are blockchain agnostic by design, adding new coins or support for tokens in a specific protocol is as easy as adding one parameter to your configurations.
Our MPC-based WaaS is designed to be flexible to adapt to both internal and external factors. Business growth changes, such as hardware modification, increased number of employees, or creating new/revoking old key shares. Or sudden changes in the blockchain ecosystem, such as blockchain forks are easily accommodated.
This flexibility built into an MPC digital wallet means it can incorporate them all without affecting the ability to access and transfer digital assets.
Crypto APIs gives uninterrupted access to fully-synced always ON nodes for top blockchains with 25ms processing speed and 99.99% uptime. We also provide access to powerful developer tools in your preferred programming language from our SDK libraries to easily integrate our platform in your system.
With just one seamless integration, you could vastly accelerate your time to market, gain unlimited scalability, and reduce the costs of crypto development, all while focusing on creating the best user experience for your business.
Want to know more about the Crypto API Wallet as a Service? Contact us today.