Platform Wallets can be used as a backend custodial wallet solution for applications — where the platform has complete control over the wallets it creates for its users. Using backend API keys, platform can utilize the signing capabilities of the wallet all via a familiar backend API. This offers developers and your end-users a hands-off approach to asset management, while still providing a secure and convenient way to manage onchain assets as a platform.

How it works

This type of wallet is typically designed for use within a specific platform, such as an e-commerce marketplace or a social network. The wallet can be used to store and transfer onchain assets, such as cryptocurrency or loyalty points, within the platform ecosystem.

One of the primary benefits of a platform-controlled wallet in a Wallet as a Service product is that it simplifies the user experience by removing the need for users to have a separate onchain wallet or understand the complexities of web3.

With a platform-controlled wallet, the platform can manage their onchain assets on behalf of their users seamlessly within the platform ecosystem, without having to worry about the technical details of managing a standalone wallet. The platform provider acts as a custodial service, managing the security and storage of the assets on behalf of the user.

This can be especially beneficial for users who are new to Web3 or who may be intimidated by the technical requirements of managing a standalone wallet. By providing a simple and intuitive interface for managing their assets, platform-controlled wallets make it easier for users to participate in the platform’s onchain economy and take advantage of the benefits of blockchain technology.