USD Coin (USDC) issuer Circle has released a beta version of a multiparty computation (MPC) wallet service, according to an Aug. 8 announcement. The new service will allow developers of decentralized finance (DeFi) apps, Web3 video games, e-commerce services and other blockchain applications to create customized wallets specifically for their users. It will be available initially on Ethereum, Avalanche and Polygon.
MPC wallets are secured by splitting a user’s private key into multiple shards and distributing them through a decentralized network. It’s a new wallet technology many Web3 developers have been using. MPC wallets can be accessed via an application programming interface, giving them a “Web2 feel” that some developers and users prefer.