Coinbase Prime users now have access to Web3 Wallet
Coinbase Prime users now have access to Web3 Wallet
Crypto exchange Coinbase has announced the launch of the Web3 Wallet on its Coinbase Prime platform, providing its institutional and corporate clients with a secure way to work in the network.
The Coinbase Prime Web3 Wallet utilizes multi-party computing (MPC) technology, giving users full control over their assets and eliminating single points of failure.
According to the exchange's website, Coinbase Prime Web3 Wallet allows users to:
- Store any token from supported networks, including assets not available on Prime Custody.
- Get instant access to funds.
- Interact directly with decentralized apps and smart contracts.
- Leverage decentralized liquidity to trade a wide range of assets.
- Vote on DAO governance.
- Provide assets or stakes in assets with direct access to DeFi.
- Buy, sell, issue, and manage NFT collections.
- Manage Web3 social media accounts.
The exchange noted that the solution incorporates risk mitigation features such as authorization alerts, threat alerts, transaction previews, and a DApps block list designed to protect users from malicious activity.
In addition, because the Web3 Wallet is integrated with Coinbase Prime, it uses the same flexible permissions for team members to ensure a high level of security. This allows clients to determine the appropriate level of access for each team member by assigning them a user role with a limited set of customizable permissions.
Coinbase Prime Web3 Wallet also utilizes the same security features as Coinbase Prime, including two-factor authentication using a physical YubiKey to access and verify transactions for the user wallet.
In the event of the loss of the mobile device on which the solution is installed, there are strong and reliable recovery methods to help clients avoid losing access to their wallet.
The exchange also highlighted that it is preparing to expand the wallet's capabilities, in particular by introducing an encrypted backup feature that will provide better control over assets and private keys.
Recall that Coinbase previously offered cryptocurrency lending services to U.S. institutional investors, allowing institutions to lend digital assets on the exchange under standard terms.
Also read: Brian Schroeder is no longer in charge of Binance.US.
