Cyptocurrency exchange Coinbase has launched Coinbase Prime Web3 wallet, targeting major institutions involved in Web3, DeFi, and NFTs. According to Coinbase’s announcement, this cryptocurrency wallet will employ MPC technology, empowering clients to securely store tokens from supported networks, access their funds, engage with decentralized applications (dApps) and smart contracts, and leverage decentralized liquidity for trading a wide array of assets.
Furthermore, this Web3 wallet will grant direct access to DeFi, allowing clients to buy, sell, mint, manage NFT collections, and manage their Web3 social accounts.
Clients can conveniently access this wallet through their existing Prime accounts. The wallet is capable of holding NFTs, DeFi assets, tokens from nine distinct networks, and features a swap function for trading over 33,000 tokens spanning six major blockchain networks.
In a strategic move aimed at redefining security and reporting for enterprises, Coinbase has developed the Coinbase Prime Web3 wallet, specifically tailored to meet the core requirements of institutional clients. Coinbase highlights that this wallet can seamlessly integrate into existing enterprise workflows.
Arising from the necessity for unified and transparent reporting, the wallet has reportedly been designed to maintain a comprehensive record of all activities, including detailed transaction descriptions, facilitating rigorous auditing processes.
Coinbase emphasizes that the wallet enables clients to establish efficient transaction processes and manage Web3 policies in alignment with their organization’s security prerequisites. For instance, enterprises can assign roles to users, defining the level of access granted. Furthermore, the Prime Web3 wallet can mirror the entity hierarchy utilized by institutional clients, simplifying role assignments.
Kevin Johnson, Vice President of Institutional Sales and Trading at Coinbase, stated, “More and more, we’re seeing corporations who want to participate on-chain in some way, whether that’s by doing an NFT drop or, in some cases, even voting in DAOs. But they need a safe way to do that.”
