What is the difference between Coinbase Wallet and Coinbase Wallet as a Service?
Coinbase Wallet is a standalone crypto wallet supported by Coinbase. Coinbase Wallet as a Service is an API Platform that lets you build your own crypto wallets (with your own branding) for your end users.
I have a website. Can I create a wallet using Wallet as a Service?
This first version of WaaS is mobile only (iOS, Android). This means, a mobile device must store the cryptographic material needed to sign transactions to the blockchain. You can initiate a transaction from your website using WaaS APIs; but the transaction must be confirmed on the phone storing the cryptographic material.
Why don't I need a secret recovery phrase?
MPC uses advanced cryptography to secure private key shares on your device. This means that you can access your funds without the need of a secret recovery phrase, which is easy to lose or forget.
How are my private keys protected?
Is a 6-digit passcode better than a 12-word recovery phrase?
The 6-digit passcode is not a substitute for the 12-word recovery phrase. It is an added layer of encryption to secure the MPC key shares stored on the user’s device.
What if a user loses their phone?
WaaS has user-friendly backup and recovery options for developers to enable their users a seamless recovery experience even if a user loses their phone. Biometrics can also be enabled to prevent others from accessing the wallet on the lost phone.
What if a user forgets their passcode?
We recommend developers prompt end users to verify their passcodes on a recurring basis. If that fails, you can implement a reset passcode feature. In the near future, you will be able to let users reset their passcode with a simple API call.
Who controls MPC wallets?
Only end users have full control over their MPC wallets. Neither Coinbase nor the customer (i.e., the app developer) can access or move funds on behalf of users.
Can I access my wallet on a new phone?
Yes, all you need is your unique passcode and access to cloud credentials. If your last phone was an iPhone, your new phone needs to be an iPhone as well. Same goes for Android.
What are the requirements for the passcode?
Minimum of 6 characters & there should be no limitation on characters type
Is the same passcode used for recovery and export?
What backup methods can I use?
Coinbase recommends that you store this share in a cloud storage location (iCloud or GDrive) only accessible to the user.
What if I lose access to my backup on the cloud provider?
Create a new backup through your phone. Enter your passcode on your device to get started.
What if I lose my phone?
All you need is your unique passcode and your cloud credentials. If your last phone was an iPhone, your new phone needs to be an iPhone as well. The same is true for Android.
What if I want to use a different wallet?
If you want to import your wallet into another crypto wallet, such as Coinbase Wallet or Metamask, you can export your keys.
What if Coinbase, Apple, or Google goes out of business?
As long as you have your passcode, you can always recover your wallet, even if you're offline. Exporting your wallet does not rely on the platform.
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