Wallet as a Service: Introducing Our MPC Wallet as a Service API
July 7, 2022
MPC wallet as a service (WaaS) is a secure and scalable MPC wallet infrastructure for developers building crypto apps that want to incorporate MPC wallets into their applications. No longer, do you need to expend the resources to build your own crypto wallet. Instead, you can build on top of ours using our wallet as a service API.
Wallet as a Service
A developer-centric crypto wallet as a service API
Rapidly build production-ready integrations with modern tools, from React components to real-time webhooks. Using Krayon’s developer platform means less maintenance for legacy systems and more focus on customer and product experiences.
Building a crypto wallet treasury solution is a huge task - An infrastructure constructed of many moving parts that need to work together perfectly. Creating a new wallet with Multi-Chain support is not an easy task, and when you add to that an MPC solution to enhance security, it gets a lot harder. What about user management: separating the users to groups of admins, users or other roles? What about spending limits for individual users and admins? Do you need events and notifications about something going on in your wallet, like a new transaction on one of your addresses or some transaction that failed to process? There’s a lot to think off when trying to build something like this.
So, we came to the rescue.
Krayon’ Wallet as a Service API provides you with everything you need in-order to create a multi-chain supported wallet with an integrated MPC solution for signing transactions. You don’t need to worry about private key custody or disaster recovery. We’ve got you covered with secure key recovery mechanisms. Managing users accounts and wallets, managing transactions and tagging them, integrating a notification framework for different events within your wallets - you decide control everything through our API.
Why Launch Wallet as a Service
Building our own MPC wallet has been challenging, but we were lucky enough to have a stellar engineering team with a background in cyber security and crypto (as well as the VCs that believed in us enough to fund it). 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.
We believe that MPC-based wallets offer the highest degree of security and operational flexibility. And whilst there are some MPC custody solutions out there, their focus is mostly on large institutional clients like banks and hedge funds.
We think everyone should have access to the most advanced security features available. And if we’re going to achieve mainstream adoption of crypto, people need to feel that their assets are safe. Which is why we wanted more developers to be able to offer their own MPC wallets. And very soon they’ll be able to with our crypto wallet as a service API.
Token based authentication, MPC (+ key refresh and disaster recovery), Multi-chain support, HD wallet, events, notifications, transaction signing, balances, payments streams, gas fees, current market prices, data, generating addresses , rate limiting for api calls, IP whitelist/blacklist, geo ring-fencing for user authentication
What To Expect From Krayon’s Wallet as a Service API
Our wallet as a service api is currently in private beta and we’re actively working with a select number of firms to test and improve it. If you’d like to work with us to improve it before we launch to the public, then please do reach out!
In the meantime, here are some of the features you can expect from our version one:
With the Krayon WaaS API you can create as many HD wallets as you want for your users supporting over 60 different blockchains. By default all wallets use multi-party computation to secure your user’s private keys.
We use token based authentication, so you don’t have to worry about pesky seed phrases and we have secure disaster recovery mechanisms in place just in case any of your users lose their private keys.
Wallets can be attached to organisations or individual users, so developers can easily build business wallets using our crypto wallet as a service API. Our custom governance layer is great for business wallets because it enables organisations to set custom rules and policies for their wallets, as well as assigning roles and permissions to users within an organisation.
MPC Wallet as a Service
Krayon uses multi-party computation to provide institutional grade custody to our users, and now you can build your own MPC-based wallet too.
With our MPC solution, private keys can be sharded and distributed across up to ten or more nodes. And we offer three key management solutions:
Hosted - MPC nodes are managed by Krayon, but you set the approving rules. Everything is encrypted and protected.
Hybrid - MPC nodes are distributed between Krayon and you. Krayon does not have the ability to approve transactions not submitted by you.
On-premise - MPC nodes are hosted by you.
All three options include custom quorum modification.
MPC is of course protocol agnostic, but creating a multi-chain wallet is still a lot of work. The Krayon WaaS API allows you to create wallets and integrate with more than 60 different blockchains instantaneously and through one robust and scalable API. Saving you precious time so you can focus more on customer and product experiences.
Krayon’s WaaS API comes with a fully customisable governance layer, giving you granular control over wallet permissioning and access.
Wallets can be grouped, attached to organisations or individuals. For business wallets, companies can add employees as users and manage their roles and permissions - selectively assigning them to only the wallets they need access to.
Contracts can be whitelisted at every level of the hierarchy, from organisation to wallet and individual users.
Admins can set spending limits for wallets and users.
Quorums can be set dynamically for individual wallets, giving your users complete control over policy management.
Crypto Mass Payments
Developers can integrate bulk payments into their wallets through the Krayon API. Enabling your users to set up single or recurring bulk payments to hundreds or even thousands of wallet addresses in an instance. Wallet addresses can be stored under individual contacts as well as payee groups for regular bulk payments. The same contract whitelisting permissions can be applied to mass payment features.
Transaction Management & Reconciliations
Keeping track of transactions and gas fees is a nightmare. Krayon makes it easy. 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.
Centralised Exchange Aggregator
Why trade on one exchange when you can trade across twelve? Krayon’s digital wallet as a service API includes a professional grade exchange aggregator for crypto trading. Enable your users to swap cryptocurrencies directly from their wallet with a best execution guarantee. Our smart order routing system finds the best possible price across all integrated exchanges to be filled with the lowest slippage. Focus on your product and let Krayon find the best prices for your users.
Fiat to Crypto
Krayon's WaaS API includes a reliable on/off-ramp so your users can easily move from fiat to crypto and back again. Let your users buy crypto with cash deposits via bank transfer or using a local debit card in over 160 countries. Unlike other fiat ramp APIs, Krayon sources pricing from twelve different crypto exchanges, guaranteeing your users the best possible rate when switching from fiat to crypto.
Frequently Asked Questions
What is crypto wallet as a service
Crypto wallet as a service (WaaS) is a digital wallet as a service API that enables developers to instantly deploy their own MPC-based crypto wallet product across web and mobile. Whether you’re building a wallet app, or want to build features on top of one, you can do it exponentially faster with WaaS.
What is MPC
MPC stands for multi-party computation. Similar to multisig, MPC requires multiple trusted third parties to authorise transactions before they can be executed. However, with MPC there is only one private key which is sharded and encrypted before being distributed. It’s an incredible secure solution, offering the greatest operational flexibility to companies and teams. Learn more about MPC.