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Wallet-as-a-service is an infrastructure solution that enables companies to store, receive, and send cryptocurrencies via secure wallets. It enables crypto integration for businesses without needing to build infrastructure from scratch.
For example, a bank can utilize a WaaS platform to handle token management for clients without needing to build expensive infrastructure from scratch. Fintech companies can also leverage WaaS platforms to offer crypto custody services for third parties.
WaaS platforms provide cross-chain support and compliance solutions to facilitate cryptocurrency adoption by both tech and non-tech companies.
A wallet service provider offers the infrastructure for creating and managing crypto wallets. These user wallets can store, send, and receive digital tokens from anywhere in the world. Users can also buy or sell digital assets directly from their wallets. Wallet API integration services enable seamless connection to external platforms. For example, you can connect your non-custodial or custodial wallet to a third-party cryptocurrency exchange and trade safely.
Wallet-as-a-service (WaaS) and software-as-a-service (SaaS) serve different purposes, although they follow similar service delivery models.
Wallet-as-a-service provides businesses with the necessary infrastructure to adopt cryptocurrency without having to build everything from scratch. They allow businesses to store, send, and receive large amounts of digital tokens through a secure wallet. Businesses can access WaaS infrastructure on a subscription basis, which saves money compared to building the infrastructure themselves. They also pay transaction fees, which vary depending on the token, volume, network congestion, and other factors.
Software-as-a-service is a general model where businesses access software over the internet, typically on a subscription basis. Examples of SaaS services include video conferencing, corporate email, cloud storage, project management, and developer tools. Businesses pay monthly or annual fees to access these services and maintain smooth operations.
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