The cryptocurrency exchange Coinbase launched an institutional- and corporate-client Web3-wallet.
Through Coinbase Prime Web3 Wallet, users will gain access to cryptocurrencies not available in Prime Custody, DEX, NFT, DeFi and other decentralized applications on six blockchains with varying permission levels. The solution simplifies direct interaction with Web3 features, eliminating the need to load dapps.
Beyond token storage, clients will have access to buying, selling, issuing and managing NFT collections, as well as social accounts. In addition, voting within DAO will be possible.
The solution integrates risk-reduction features, including approval alerts, threat warnings, transaction previews, and a dapps blocklist designed to protect users from malicious activity.
Coinbase Prime Web3 Wallet employs multi-party computation (MPC) technology, giving users full control over assets and removing a single point of failure.
In the event of loss of the mobile device on which the solution is installed, developers have provided a recovery option. Another user from a trusted list can use shared cloning tools to prepare a new device, granting access to the wallet and assets.
In the future, Coinbase also plans to introduce encrypted backup functionality, offering greater control over assets and private keys. This method will require authorization from a certain number of users. This approach is best suited for organizations that use the wallet.
In September, Coinbase Ventures made the first investments from the Base Ecosystem Fund in six projects of the supported L2-network.
A month earlier, Base developers unveiled a plan to transition to a decentralized model, envisaging several tech upgrades and the removal of a single point of failure.
In September Coinbase launched an institutional-investor-oriented crypto lending service.