Coinbase Prime has bolstered institutional access through the introduction of an advanced Web3 wallet. This non-custodial wallet utilizes Multi-Party Computation (MPC) technology and is tailored to offer a comprehensive range of features specifically designed for the institutional sector.
With this new wallet, institutional and corporate clients gain the capability to securely store tokens from supported networks, even including assets not currently available through Coinbase Prime Custody. Key functionalities include instant access to funds, direct interaction with decentralized applications (dApps) and smart contracts, as well as the ability to tap into decentralized liquidity for substantial asset trades.
Clients can actively participate in DAO governance, lend assets, access DeFi services, manage NFT collections, and oversee their Web3 social accounts with ease. Coinbase has designed the Web3 Wallet to streamline the oversight of on-chain operations by providing aggregated views of assets, NFTs, and DeFi positions, and seamlessly integrating popular features such as bridges and swaps directly into the product.
Moreover, Coinbase Prime ensures unified reporting between Coinbase Prime and the Web3 Wallet, guaranteeing a transparent audit trail for clients. Security remains paramount, with the wallet implementing robust measures including two-factor authentication, including the use of a physical YubiKey for transaction validation. This security setup offers offline protection, making it one of the most secure two-factor authentication methods available.
The introduction of Coinbase Prime’s Web3 Wallet represents a significant milestone in bridging the gap between institutional players and Web3 technologies, granting them secure access in the ever-evolving digital landscape.