Fordefi Extends MPC Solution to Wallet-as-a-Service Offering
Read Time 5 mins |
Written by: Uri Eden
We’re excited to introduce the addition of our newest WaaS offering that enables exchanges, fintechs, web3 companies and traditional brands to embed non-custodial end-user wallets directly into their applications.
Fordefi’s WaaS solution allows our customers to leverage the technology and security of our industry leading institutional wallet to instantly deliver best-in-class wallets to their end users. Moreover, Fordefi’s core focus on DeFi and Web3 makes our WaaS solution the most secure and intuitive for users to interact with Web3 applications. In contrast to custodial wallets, Fordefi's WaaS solution offers end users complete transparency and control over their assets. This not only fosters user trust but also helps companies mitigate various security risks and comply with regulations.
"Our mission at Fordefi has always been to facilitate secure management of digital assets,” said JoshSchwartz, CEO and Cofounder of Fordefi. “We’re proud to continue building on this mission and provide both Web3 and Web2 businesses with a crucial tool to enable safe crypto adoption for all participants. We are committed to strengthening the Web3 ecosystem and ensuring its accessibility while maintaining a strong focus on security and transparency."
Web3 Adoption Challenges for Consumer Platforms
After conducting numerous customer interviews and engaging in in-depth conversations, we’ve identified several key obstacles that continue to hinder the mass adoption of digital assets in the market. These obstacles, as emphasized by our customers, are as follows:
Many users still exhibit a preference for trusted brands that offer bespoke wallet capabilities, instead of opting for third-party wallets.
Key Generation and Recovery
The use of seed phrases and hardware solutions for key generation and recovery often leads to confusion and mistrust among users.
The wallet space is highly fragmented across different types of chains, thereby requiring users to employ multiple solutions for storing their assets.
The presence of bad actors in the digital asset space seeking to exploit users through phishing or key theft continues to pose significant challenges in terms of complexity and security.
Traditionally, exchanges required their users to entrust them with their funds, however, recent incidents like the FTX collapse have reinforced the saying "Not your keys, not your Bitcoin." This raises concerns for users about their actual control over assets and the regulations governing such service providers. Additionally, many centralized providers such as exchanges, brokers, and custodians, often limit users, preventing exploration of decentralized products and services.
Fordefi’s Mission to Fuel Secure Digital Asset Adoption
At Fordefi, we've collaborated closely with leading exchanges, gaming providers, and tokenizing platforms to address the above challenges. Introducing our latest product suite, Fordefi WaaS is a best-in-class SDK incorporating enterprise-grade security and advanced cryptography. This cutting-edge technology allows companies of any size to seamlessly embed wallets in their applications, ensuring users have full control over their digital assets. Our solution is designed for scalability, offering secure storage for digital assets, NFTs, and more.
We believe a wallet solution should be holistic, providing not just a building block but an entire suite of features to enhance user experience.
Key Differentiators of Fordefi WaaS
Security and Speed
Fordefi WaaS leverages the latest and most secure MPC (Multi-Party Computation) protocols in the field, eliminating the need for complex hardware solutions or seed phrases. This ensures both the security and swiftness of transactions.
Fordefi WaaS offers out-of-the-box support for iOS, Android, and Web platforms, allowing for seamless integration across various devices.
Web3 Chain Support
With Fordefi WaaS, you can enjoy support for a wide range of chains, including EVM, Cosmos, Solana, Bitcoin, and more, enabling comprehensive coverage of the Web3 ecosystem.
Our solution provides flexible recovery options, allowing users to employ custom recovery methods or leverage well-known services such as Google Drive or Apple Keychain for enhanced convenience.
Blockchain and Transaction Lifecycle Management
Fordefi WaaS simplifies the intricate process of monitoring transactions and wallets, and pulling real-time token and NFT data, all by leveraging our platform. This enables developers to focus on more critical aspects of their applications.
Visibility and Risk Mitigation
Fordefi WaaS ensures that end users always have a clear understanding of the actions they are authorizing, while simultaneously alerting them to any potential malicious behavior through the implementation of the Fordefi Risk Engine.
Developer First Approach
We prioritize developers' needs by providing an easy-to-integrate SDK, accompanied by comprehensive documentation, sample applications, and code snippets. When faced with any uncertainties, our teams are ready to provide prompt support and assistance, ensuring a quick and seamless integration.
Fordefi WaaS: Delivering Value Across Diverse Industry Segments
Exchanges, which have traditionally served as custodians, encounter challenges in granting users direct access to Web3 applications while maintaining trust, compliance, and security. Fordefi's Wallet as a Service (WaaS) solution offers a transformative approach by enabling exchanges to seamlessly embed non-custodial end-user wallets.
Neobanks and Fintechs
With the ability to offer access to Web3 without the complexities and risks associated with custody, Fordefi's embedded wallets enable neobanks and fintechs with the ability to make crypto products more accessible to their customer base.
Web3 Companies, Protocols, and dApps
Web3 companies focused on building on-chain applications can enhance user experiences by incorporating integrated wallets into their interfaces. This approach offers streamlined onboarding for new users and the development of more cohesive and integrated workflows.
Brands and Traditional Companies:
Brands aiming to launch Web3 products, particularly NFTs, can utilize Fordefi to seamlessly introduce non-crypto-native user bases to the world of digital assets with a user-centric approach. Fordefi's solution minimizes the intimidating complexity associated with many crypto products and tools, particularly wallets. This approach enables brands to navigate the transition into the Web3 space with greater ease.
Fordefi is excited to extend our industry-leading MPC wallet, a move that not only furthers our mission but also equips both Web3 and Web2 businesses with a crucial tool, fostering safe crypto adoption for all future participants. Catering to a diverse range of customer segments, Fordefi's WaaS solution not only tackles specific industry challenges but also advances our commitment to secure accessibility and widespread adoption of digital assets. At Fordefi, we are dedicated to transforming the digital asset landscape by providing a comprehensive and user-centric solution through Fordefi Wallet-as-a-Service (WaaS). With great enthusiasm, we look forward to playing a crucial role in facilitating the secure widespread adoption of digital assets for the next generation of Web3 users.
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