Coinbase Prime has ushered in a new era of Web3 access by unveiling its cutting-edge institutional-grade Web3 Wallet. This pivotal development enables clients to delve into the realms of cryptocurrencies, NFTs (Non-Fungible Tokens), decentralized applications (dApps), and decentralized finance (DeFi), all within a seamlessly integrated wallet nestled within the Coinbase Prime ecosystem.
This launch signifies a remarkable milestone for Coinbase Prime, a global leader in digital asset management, as it continues to push the boundaries of institutional capabilities. Upholding the pillars of security and utility, this release further reinforces the commitment to providing institutional and enterprise clients with a secure gateway to the blockchain world through the Web3 Wallet.
Powered by secure Multi-Party Computation (MPC) technology, the Web3 Wallet introduces a non-custodial approach, granting clients a plethora of functionalities, including:
Diverse Token Storage: The ability to store tokens from supported networks, including those not yet available on Prime Custody.
Instant Fund Access: Swift and secure access to funds.
Direct Interaction: Seamless interaction with dApps and smart contracts.
Decentralized Liquidity: The capacity to tap into decentralized liquidity and trade a wide array of assets.
DAO Governance: The power to participate in governance decisions.
DeFi Operations: The option to lend assets or stake them, directly engaging with DeFi protocols.
NFT Management: The capability to buy, sell, mint, and manage NFT collections.
Web3 Social Accounts: Convenient management of Web3-based social accounts
The launch of the Coinbase Prime Web3 Wallet answers the resounding demand from institutional players seeking secure access to Web3 and DeFi. Until now, many institutional clients had to navigate a fragmented landscape of solutions to access Web3. With the introduction of the Web3 Wallet, clients can now seamlessly connect with the Web3 universe.
This integration is further streamlined by offering full Prime integration. Clients can effortlessly set up and access their Web3 Wallet directly from their existing Prime accounts, granting them access to dApps and tokens from supported networks with just a few clicks. This consolidation eliminates the need for multiple providers, reduces operational risks, and minimizes costs associated with disparate solutions.
Coinbase Prime assures a consistent user experience, both in terms of user interface (UX) and data management, simplifying the tracking of organizational Web3 activity and post-execution transaction reconciliation.
Designed with a focus on simplicity and safety, the Web3 Wallet aggregates various on-chain operations, providing users with an overview of assets, NFTs, and DeFi positions. Key features include:
Comprehensive Asset Storage: The ability to store a wide array of assets from nine supported networks, with support for governance and smart contract interactions by default.
DEX Aggregation: A built-in swap feature that scans over 75 decentralized exchanges (DEXes) to secure the best available pricing for asset swaps.
Network Bridging: Effortless bridging to multiple networks through an integrated feature.
Readable Transaction Simulations: Human-readable transaction simulations to assess potential asset changes and risks before executing transactions.
NFT and DeFi Position Overview: A consolidated view of NFT collections and DeFi positions, providing detailed information and aggregated bids.
MEV Protection: Integration with flashbots to protect against Miner Extractable Value (MEV) when conducting on-chain operations.
Catering to the needs of enterprise clients, Coinbase Prime has prioritized security and customization. The Web3 Wallet offers a multi-user solution that can be tailored to fit unique organizational workflows. With granular team member permissioning, clients can assign specific roles with customizable permissions, aligning with their security requirements and scaling operations accordingly.
Furthermore, Coinbase Prime leverages the same entity and portfolio hierarchy as the Web3 Wallet, enabling clients to fine-tune customization based on their institutional structure.
The reporting systems of Coinbase Prime and the Web3 Wallet are integrated to provide a comprehensive audit trail of all Web3 activity, facilitating reporting and audit requirements. Clients can conveniently access their activity history within Coinbase Prime, including detailed transaction descriptions.
Security remains paramount, with the Web3 Wallet incorporating robust features akin to Coinbase Prime. This includes two-factor authentication, which can be bolstered with a physical YubiKey for an extra layer of offline protection, representing the highest level of security in two-factor authentication.
To further empower clients, the Web3 Wallet boasts customizable workflows, allowing organizations to determine which users can initiate, approve, and sign transactions based on the nature of the activity.
Coinbase Prime’s launch of the Web3 Wallet cements its position as the trusted gateway for institutional and enterprise clients seeking secure, streamlined, and comprehensive access to the Web3 and DeFi landscape.
