Coinbase Expands its Web3 Wallet to Cater to Major Institutions in the Crypto Space
Coinbase, the widely popular cryptocurrency exchange, is taking its expansion efforts to the next level with the official launch of its Web3 wallet. This wallet is specifically designed to facilitate transactional interactions for major institutions, offering seamless access to Web3, DeFi, and NFTs.
According to Coinbase’s statement, the Web3 wallet will leverage Multiparty Computation (MPC) technology, enabling clients to securely store tokens from supported networks, access funds, interact with decentralized applications (dApps) and smart contracts, and tap into decentralized liquidity to trade a wide range of assets.
Notably, this Web3 wallet also provides direct access to decentralized finance (DeFi), allowing clients to buy, sell, mint, manage NFT collections, and operate Web3 social accounts.
To access the wallet, clients can simply log in to their existing Coinbase Prime account. The wallet is capable of holding NFTs, DeFi, DAO, and cryptocurrency tokens from nine different networks. Additionally, it offers a swap feature, enabling trading of over 33,000 tokens across six major chains.
The Coinbase Prime Web3 wallet is a game-changer for enterprises, as it aims to redefine security and reporting for institutional clients. Coinbase has tailored this wallet to meet the fundamental needs of enterprises, and it can be easily integrated into existing workflows.
The development of this wallet stems from the demand for unified and transparent reporting. Coinbase ensures that the wallet keeps a comprehensive history of all activities, including detailed transaction descriptions, which facilitates proper auditing for enterprise clients.
The Coinbase Prime Web3 wallet also allows clients to define efficient transaction processing and manage Web3 policies according to their organization’s security requirements. Enterprises can assign roles to users, controlling their level of access. The wallet can even mirror the entity hierarchy used by the institutional client, making role assignment even easier.
Kevin Johnson, Vice President of Institutional Sales and Trading at Coinbase, emphasized the importance of a safe solution for businesses looking to participate in the crypto space, stating, “More and more, we’re seeing corporations who want to participate on-chain in some way, whether that’s by doing an NFT drop or, in some cases, even voting in DAOs. But they need a safe way to do that.”
In terms of security, Coinbase ensures that the Web3 wallet is fortified with the same security protocols as Coinbase Prime. It features two-factor authentication (2FA) combined with a physical YubiKey, providing an additional layer of offline protection for clients.
The wallet also boasts intuitive risk controls, including approval alerts, compliance and security info alerts, and transaction preview features for warnings on transactions. With the launch of this tool, Coinbase is solidifying its position in the thriving DeFi sector.
Overall, Coinbase’s expansion into the institutional market with its Web3 wallet marks a significant milestone in the company’s journey. By offering major institutions a secure and streamlined way to engage with Web3, DeFi, and NFTs, Coinbase is positioning itself as a trusted partner in the evolving crypto landscape.
(Sources: CoinDesk, Twitter)
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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