Why MPC Wallet-as-a-Service is a Must-Have for Your Platform- 10 Reasons

Crypto APIs’ customers can choose between three types of digital wallets, including the option for on-premises key management (MPC-nodes hosted by customers) and a custom signing scheme. The Bulgarian startup also provides an open-source tool that allows users to recover their wallets in case of an emergency. E-commerce platforms that accept cryptocurrencies as payment leverage MPC wallet-as-a-service solution providers to manage secure transactions. These wallets not only facilitate instant and low-cost payments but also safeguard sensitive user information through advanced cryptographic techniques. Yes, you can transition from a single-signature wallet to an MPC wallet by creating a new mpc wallet wallet and transferring your assets. Follow best practices for securing your private key shares during this process.

Composable APIs for an Enriched Experience

And in addition to the APIs, our Console can help monitor transactions and audits securely and reliably. Our powerful blockchain product https://www.xcritical.com/ suite helps businesses and institutions build the ecosystem of tomorrow. With thirdweb auth, you can authenticate sessions with session keys, handle permissions and build management structures you’re comfortable with.

Wallet as a Service for Building Web3 Experiences

No longer, do you need to expend the resources to build your own crypto wallet. Our Wallet APIs enable you to quickly generate MPC wallets and easily manage your customers’ digital assets so you can go live in weeks, drive revenue, and scale with ease. The digital wallet solution provides the highest cryptographic security standards and supports multiple currencies and tokens. Using the key generated by Portal, ZeroDev can now deterministically compute the address of the AA wallet. Note that even though the AA wallet is a smart Initial exchange offering contract wallet, it’s not actually deployed at this point — which means you are still not paying any gas.

Real-time transaction monitoring to ensure AML and KYT compliance

You can tag and add references for every transaction directly from within your wallet. Add pending transactions which automatically reconcile once they land in any of your wallets. And export transactions based on filters, even letting you isolate gas fees to allocate to operational expenses.

Access the blockchain ecosystem

• Transactions are signed, approved and broadcast with a single signature and the signers’ key shares never become public information, or even leave their holder’s domain.
• If requested, the MPC protocol could comply with Know Your Customer (KYC) and Anti-Money Laundry (AML) requirements.
• Institutional investors dealing with large-scale crypto portfolios prioritize security and compliance.
• With the Krayon WaaS API you can create as many HD wallets as you want for your users supporting over 60 different blockchains.
• In order for this industry as a whole to thrive and compete with TradFi, developers will need robust and scalable infrastructure that they can build upon.
• Distributed risk and decentralized security minimize the possibility of theft or misuse.

By opting for WaaS, companies bypass key management, security, and infrastructure complexities yet have a fully functional wallet for their users. The arrival of ERC-4337 on Ethereum and EVM-compatible blockchains has opened the doors to account abstraction, paving the way for a better user experience in web3 wallets. With the emergence of “smart accounts”, companies are now turning to smart contract wallets like MPC wallets to provide improved user experiences, security, and streamlined transactions. An MPC (Multi-Party Computation) wallet is a smart contract wallet that uses cryptographic techniques to split a private key into multiple shares and distribute it among various parties. It makes it harder for unauthorized users to compromise the wallet as it ensures that no single entity can access the complete key. Users should be aware that Crypto products and digital assets are unregulated and can be highly risky.

Start here to learn how you can use our developer tools to build innovative blockchain-based products and automate workflows on Fireblocks. In recent years, MPC (secure multi-party computation) has seen an increase in adoption in real-world use cases. If requested, the MPC protocol could comply with Know Your Customer (KYC) and Anti-Money Laundry (AML) requirements. MPC-powered wallets could comply with global standards and regulators through anonymous identity and funds source verification.

This approach enhances security as no single party has access to the complete private key, eliminating single points of failure. When a transaction needs signing, the involved parties collaborate to generate the signature without reconstructing the private key, ensuring that the assets remain secure throughout the process. Dfns provides wallet-as-a-service infrastructure that abstracts away private key management from developers. The Dfns API provide secure wallets using threshold signature schemes and currently dep…

MPC crypto wallets are powerful to perform complex functions such as signing transactions and signature verification, public addresses generation, and others with high accuracy and no errors. Unlike most other WaaS providers, Krayon also comes with a web application built on top of our SDK. You can use our web app to create wallets for your organisation’s own crypto treasury as well as to manage org policies and parameters for things like your gas station. Fireblocks Policy Engine enables you to safeguard, control, and customize the user experience. With configurable transaction policies, you can protect customers from malicious dApps, human error, and maintain compliance.

TSS MPC 2/2 key management architecture where customer holds no signing key share material and can never access user wallet without user’s consent. Vetted by regulatory experts to be non-custodial for your users by FINCEN standards. Liminal is not responsible for loss of funds, data, or business disruptions arising out of user negligence or normal course of business. Users must secure their assets and acknowledge inherent risks, such as technical issues, evolving regulations, third-party hacks and market volatility. Digital assets are not legal tender and the transactions may be irreversible. Fordefi is the only solution that combines our powerful wallet API with an MPC SDK, enabling our clients to embed a Web3 wallet within their existing application and connect their users to the blockchain.

The governance layer, developed by Crypto APIs, allows customers to set up custom rules for the different wallets and volumes. Based on these rules team members can also approve or reject outgoing transactions manually with the Crypto APIs Approver mobile application, available for both Android and iOS devices. The service utilizes an advanced Multi-Party Computation (MPC) cryptographic key management method, provided by Sepior, a Danish security software company specializing in threshold cryptography. Once a transaction has been signed, it’s then broadcast to a network of validators, who then submit the transaction on-chain.

From seed phrases to needing multiple wallets for different blockchains, the user experience could be better on multiple fronts. Decentralized Finance (DeFi) platforms are built on smart contracts and rely on secure wallet infrastructure to function. By integrating MPC Wallet Solutions, DeFi platforms can enhance security, ensuring that user funds and platform operations are protected from malicious actors. The combination of these features makes MPC Wallet-as-a-Service (WaaS) an indispensable tool for modern enterprises seeking robust crypto asset management solutions.

MPC WaaS enhances users’ data security because no private information or other sensitive data is revealed to any of the parties involved in transaction signing. MPC allows for completely user-centric wallets when no one can access private data without the wallet’s owner’s consent. Our MPC protocol enables users’ wallets stored on a combination of devices or servers when each party generates secrets independently.

Platforms can expand to any countries without worries about adopting new payment solution. Deliver maximum security to customers and operators while boosting operational speed and cost savings. Frontend SDKs take less than 1 day to implement, with no backend development or updates needed – speeding development time to market. Up to 1.5 seconds per MPC operation across platforms (whether mobile or desktop). Configurable to any gateway provider and integrates natively with any protocol.

Thirdweb Connect simplifies account abstraction, making it easier for you to deploy smart crypto wallets with next-generation features. Typical embedded wallet solutions rely on a single security technology, potentially leaving customers exposed to multiple attack vectors and unable to adapt to the latest digital asset threats. Compared to the previous generation of custody products, Safeheron offers enhanced digital asset security without losing private key control. Customers retain 100% control over their private keys and asset ownership, enjoying institutional-grade security and efficient management. Users today want clarity over how their digital assets are custodied and control over who can move their funds. Empower your users with a wallet experience that provides them both control over their assets and transparency into their activities with on-chain transactions.

Businesses can impose account management policies for additional security of users’ digital assets. These could be KYC and AML regulatory compliances, scoring practices, and other anti-fraud mechanisms. Notably, there is no need for businesses to comply with any custody regulations because no storage of the assets involved.