Coinbase Prime Launches Web3 Wallet for Institutions and Corporations
Date: 2023-09-12 Author: Dima Zakharov Categories: BUSINESS, IN WORLD
Unlocking Web3's Potential
With Coinbase Prime Web3 Wallet, users gain access to cryptocurrencies that are not available in Prime Custody, as well as decentralized applications (dApps) on six different blockchains with varying levels of access. This solution streamlines direct access to Web3 features, eliminating the need for multiple dApp downloads.
In addition to token storage, clients can engage in buying, selling, minting, and managing NFT collections, as well as social accounts. Furthermore, users can participate in DAO (Decentralized Autonomous Organization) voting.
The solution also incorporates risk mitigation features, including approval notifications, threat alerts, transaction previews, and a list of blocked dApps designed to protect users from malicious activities.
Enhancing Security with MPC
Coinbase Prime Web3 Wallet employs Multi-Party Computation (MPC) technology, providing users with complete control over their assets while eliminating single points of failure. This heightened security measure ensures that users' funds remain safe even in the face of potential vulnerabilities.
In the event of a lost mobile device on which the solution is installed, developers have implemented a recovery option. Another user from a trusted list can utilize shared cloning tools to prepare a new device, granting access to the wallet and assets.
Future Developments
Coinbase plans to introduce encrypted backup functionality in the future, offering greater control over assets and private keys. This method will require authorization from a specific number of users, making it particularly suitable for organizations using the wallet.
In September, Coinbase Ventures made its first investments from the Base Ecosystem fund in six projects supported by the Layer 2 (L2) network.
A month earlier, Base developers unveiled a transition plan to a decentralized model, which involves several upgrades and the elimination of single points of failure.
As a reminder, in September, Coinbase launched a crypto lending service tailored to institutional investors.
