- Circle has unveiled a programmable web3 wallet to help ease interaction with decentralized finance platforms and blockchain games among other blockchain-based services
- The wallet can be customized to accommodate users’ need
- The wallet will initially be available on Avalanche, Polygon and Ethereum
USDC issuer Circle has unveiled a programmable web3 wallet to help ease interaction with decentralized finance (DeFi) platforms and blockchain games among other blockchain-powered services. Circle allows developers to customize the wallet to fit users’ needs. The wallet will initially be available on Avalanche, Polygon and Ethereum, with plans to add support for more blockchains before the end of this year.
Solves Common Pain Points
According to Circle, the product will take the form of a wallet-as-a-service and will give web3 developers greater control when configuring it to their needs. Circle, for example, disclosed that a developer may choose to run their own nodes to power the wallet or completely rely on the USDC issuer’s nodes.
1/ We officially launched our first #Web3 services product to the market! 🔥 Programmable Wallets beta is available on @avax @ethereum @0xPolygon. Developers can now bring Web3 to their users with ease. pic.twitter.com/rtCsA5KrSB
— Circle (@circle) August 8, 2023
Developers can also choose to make the wallet custodial or non-custodial, further adding to the wallet’s programmability.
Circle CEO Jeremy Allaire noted that while the wallet solves common “pain points for developers,” the service is also intended to attract support for the stablecoin and adoption of blockchain-powered payments.
No External Vendors like With Multichain
Speaking to Cointelegraph, Circle’s Gagan Mac disclosed that the wallet doesn’t involve “external vendors.” Mac’s comments are likely meant to distance the wallet from other wallets employing multi-party computation (MPC) technology like the recent hack on the Multichain MPC bridge whose creators admitted to using external cloud services.
Circle’s programmable web3 wallet comes a year after rumors spread that the company is facing imminent collapse occasioned by how it runs its business, something that Allaire refuted saying the company was in good shape.
Although a programmable wallet saves developers time and resources, it is to be seen whether Circle’s wallet will gain traction in the web3 space.