Coinbase Launches Web3 Wallet for Institutions
Coinbase, a leading cryptocurrency exchange, has announced the official launch of its Web3 wallet. This wallet is specifically designed to facilitate transactional interactions for major institutions with Web3, DeFi, and NFTs.
The Web3 wallet relies on MPC technology to enable clients to store tokens from supported networks, access funds, interact with dApps and smart contracts, and trade a wide range of assets using decentralized liquidity.
In addition to these features, the Web3 wallet also provides direct access to DeFi, allowing clients to buy, sell, manage NFT collections, and operate Web3 social accounts.
Users can access the wallet directly from their existing Prime account. It supports NFTs, DeFi, DAOs, and crypto tokens from nine different networks and offers a swap feature for trading over 33,000 tokens across six major chains.
A Game-Changer for Enterprises
Coinbase has developed the Coinbase Prime Web3 wallet specifically tailored to meet the needs of institutional clients. This move aims to redefine security and reporting for enterprises.
The wallet can be integrated into existing workflows and provides unified and transparent reporting. It keeps a detailed history of all activities, enabling proper auditing.
Enterprises can define efficient transaction processing and manage Web3 policies according to their security requirements. The wallet allows for role assignment with varying levels of access and can mirror the entity hierarchy used by institutional clients.
Major Focus on Security
Kevin Johnson, Vice President of Institutional Sales and Trading at Coinbase, emphasized the need for a secure solution that enables corporations to participate in on-chain activities. The Coinbase Prime Web3 wallet prioritizes security by leveraging the same protocols as Coinbase Prime.
It incorporates 2FA and a physical YubiKey for offline protection. The wallet also features intuitive risk controls, such as approval alerts, compliance and security info alerts, and transaction preview features.
The launch of the Web3 wallet showcases Coinbase’s expansion into the DeFi realm and its commitment to providing secure systems for institutional clients.
Hot Take: Coinbase Empowers Institutions with Web3 Wallet
Coinbase’s launch of its Web3 wallet is a significant development for institutions looking to engage with Web3, DeFi, and NFTs. This wallet provides seamless access to various blockchain networks, decentralized applications, and decentralized finance services.
By integrating the wallet into their existing workflows, enterprises can enhance their security measures and streamline their transaction processes. The comprehensive reporting capabilities of the wallet enable transparent auditing.
Coinbase’s focus on security ensures that institutional clients can confidently participate in on-chain activities while safeguarding their assets. This move further solidifies Coinbase’s position as a leading player in the cryptocurrency industry, expanding its reach into the rapidly growing DeFi sector.
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