Coinbase, a popular cryptocurrency exchange, has expanded its services by introducing a Web3 wallet tailored for major institutions involved in Web3, DeFi (Decentralized Finance), and NFTs (Non-Fungible Tokens).
This new crypto wallet utilizes MPC (Multi-Party Computation) technology, enabling clients to securely store tokens from supported networks, access their funds, engage with decentralized applications (dApps) and smart contracts, and tap into decentralized liquidity for trading a wide array of assets.
Furthermore, the Web3 wallet grants direct access to DeFi, allowing clients to perform actions such as buying, selling, creating NFT collections, and managing Web3 social accounts.
Clients can conveniently access this wallet through their existing Prime accounts. It has the capacity to hold various digital assets, including NFTs, DeFi tokens, DAO tokens, and cryptocurrencies from nine different networks. Additionally, it features a swap function for trading over 33,000 tokens across six major blockchain networks.
Coinbase Prime Web3 Wallet for Enterprises
Coinbase has introduced the Coinbase Prime Web3 wallet, specifically designed to meet the essential needs of institutional clients. This wallet aims to redefine security and reporting practices for businesses and can be seamlessly integrated into existing enterprise workflows.
One of its key features is transparent reporting, allowing for the comprehensive tracking of all activities, including detailed transaction descriptions. This feature makes auditing processes more straightforward and transparent.
Coinbase also provides flexibility by enabling clients to tailor transaction processing and Web3 policies according to their organization’s security requirements. For instance, businesses can assign user roles with specific access levels. Additionally, the Prime Web3 wallet can align with the institutional client’s existing hierarchy structure, simplifying role assignments.
Coinbase’s Secure Web3 Wallet for Enterprises
Kevin Johnson, Vice President of Institutional Sales and Trading at Coinbase, highlighted the growing demand for a secure solution for corporations looking to engage with blockchain activities like NFT drops or voting in DAOs. He emphasized the importance of providing a safe way for them to do so.
To meet this need, Coinbase has developed a highly secure wallet, leveraging the same security standards as Coinbase Prime. It includes robust security features such as 2FA (Two-Factor Authentication) paired with a physical YubiKey, adding an extra layer of offline protection for clients.
The wallet also incorporates user-friendly risk controls, such as approval alerts, compliance and security notifications, and transaction previews to warn users about potential risks. This move by Coinbase signifies its ongoing expansion into the DeFi (Decentralized Finance) sector, catering to the needs of enterprises in this evolving landscape.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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