tokenproof’s new Coinbase-powered wallet is newcomers’ key to web3

Last week, Coinbase unveiled its Wallet as a Service product, enabling companies like tokenproof to help bring the next hundred million users into web3 and expand the possibilities of how wallets can be implemented creatively to enhance users’ experience. We’re thrilled to join one of the most trusted names in fintech to make a crypto-driven future fully accessible to non-web3 natives by integrating a Coinbase-powered tokenproof wallet within our app.

To create a tokenproof wallet, all users will need is an email address. Rather than jumping through hoops to learn complicated terminology and complex concepts before creating a wallet and entering the space, users can now participate in online and real-world token-based experiences regardless of their initial familiarity with crypto. The days of worrying about remembering lengthy seed phrases or risk losing prized collectibles are over; wallets can be backed up to the cloud for easy and safe recovery. Without having to worry about navigating new technology or being on high-alert for safety risks, the tokenproof wallet lets people make the most of their web3 experience as soon as they join.

With this new feature, users will have a wallet ready to go that will allow them to participate in the kinds of on-chain experiences tokenproof has become prominent for powering since its launch. For instance, traditional consumers will be able to join crypto-natives in unlocking interactive experiences that only require a wallet and either tapping on an NFC tag or scanning a QR code. Tokenproof partners offer a vast slate of interactive experiences, including IRL retail and events, online shopping, access to token-based digital content, and more. Newcomers will be able to use crypto to pay for food and merch, attend token-based events, purchase NFTs at brick and mortar stores or scan a QR code to participate in web3-powered scavenger hunts without the hassle of creating a wallet themselves. The possibilities are endless.

With each wallet-based interaction, brands can fine-tune perks and rewards based on how and how often users engage with them. They can, for example, send a token to the user’s wallet to commemorate the interaction, enabling the user to build an on-chain identity. Eventually, users will also be able to sell these tokens in the open market using the tokenproof wallet, passing utility on to other consumers.

The tokenproof wallet is especially exciting for traditional brands who want to gain insight on their existing customer base by onboarding them onto the blockchain without overwhelming them, while also tapping new crypto-native consumers interested in the brand’s web3 initiatives. This new tool amplifies the power of conventional loyalty programs tenfold by making them truly rewarding for both the brand and the consumer.

We’re excited to work with Coinbase to make web3 a welcoming space. The tokenproof wallet is a powerful addition to the expansive toolkit we provide brands, and we can’t wait to continue helping them build a future their consumers want to be a part of.