The tool seamlessly integrates with Coinbase Prime accounts, simplifying access to Web3 features directly and eliminating the need for multiple app downloads, thereby enhancing the overall user experience.
Coinbase has announced the launch of the Coinbase Prime Web3 Wallet to provide secure and useful services to its institutional and retail clients. The significance of launching a Web3 wallet cannot be overstated, as it plays a central role in providing an exceptional user experience within a decentralized digital landscape.
The company wrote:
“We are excited to announce the launch of the Coinbase Prime Web3 Wallet today. As a global leader in digital asset management, we’ve pioneered cutting-edge institutional capabilities for our clients. We have always kept security and utility top of mind, and today marks another step in that evolution by providing institutional and enterprise clients a secure way to operate on-chain with multi-user access via our Web3 Wallet.”
Some Key Features of the Coinbase Prime Web3 Wallet
The Coinbase Prime Web3 Wallet utilizes Multi-Party Computation (MPC) technology, providing users with full control over their assets as a non-custodial wallet. It enables users to store tokens, including those not yet available on Prime Custody, as long as they are from a supported network.
With this wallet, users gain access to decentralized trading platforms and liquidity for trading various assets. They can also interact with decentralized applications and execute smart contracts. Furthermore, users can engage in activities such as buying, selling, minting, and managing NFT collections, as well as their web3 social accounts.
The tool seamlessly integrates with Coinbase Prime accounts, simplifying access to Web3 features directly and eliminating the need for multiple app downloads, thereby enhancing the overall user experience.
Some Security Measures Put in Place by Coinbase
The wallet places a strong emphasis on security, offering multi-user solutions with customizable permissions, enabling users to tailor their processes according to their security requirements. It incorporates risk-reduction features, including approval alerts, risk warnings, transaction previews, and a Dapp blocklist designed to safeguard users from malicious activities.
The wallet’s security is further enhanced by its MPC technology, which eliminates single points of failure and ensures that users’ private keys are never exposed, a critical step in safeguarding assets.
In the event of a lost mobile device on which the wallet is installed, Coinbase provides a solution. Another user within your portfolio can employ shared cloning tools to reprovision your new device, granting you access to your wallet and assets.
Coinbase also has plans to introduce an encrypted backup feature in the future, offering users greater control over their assets and private keys. This method will require authorization from a specific number of users, making it particularly suitable for organizations using the wallet.
Coinbase’s recent move highlights the company’s commitment to prioritizing security and providing a seamless user experience in their Web3 wallet offerings. This initiative ensures that Coinbase users can securely protect their valuable assets, maintain their privacy, and prevent irreversible financial losses within its ecosystem.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor’s and master’s degrees in linguistics. When not writing, he trades forex and plays video games.
