Coinbase launches Web3 Wallet targeting institutional and enterprise customers

Coinbase, one of the most popular crypto exchanges, continues its expansion journey by officially launching its Web3 wallet to facilitate transaction interoperability for major institutions with Web3, DeFi, and NFTs.

Per Coinbase's statement, this crypto wallet relies on MPC technology to allow customers to store tokens from supported networks, access funds, interact with dApps and smart contracts, and trade multiple assets by tapping into a decentralized exchange.

Additionally, this Web3 wallet provides direct access to DeFi by allowing customers to buy, sell, mint, manage NFT collections, and create Web3 social accounts.

Customers can access the wallet directly from their existing Prime account. The wallet can hold NFTs, DeFi, DAO and crypto tokens from nine different networks and features an exchange for trading over 33,000 tokens across six major chains.

A game changer for enterprises

In a move to redefine security and reporting for enterprises, the company has developed the Coinbase Prime Web3 wallet, which is designed for the basic needs of institutional clients. Coinbase notes that this wallet can integrate with enterprises' existing workflows.

Due to the need for integrated and transparent reporting, the wallet is designed to maintain a history of all transactions, which is said to allow accurate auditing, including full detailed transaction statements.

According to Coinbase, the wallet allows customers to define an efficient transaction process and manage Web3 policies according to their organization's security requirements.

For example, enterprises can assign roles to users, the level of access they are allowed. In addition, Prime Web3 Wallet can reflect the entity hierarchy used by the institutional client, making assigning roles even easier.

Great focus on safety

Kevin Johnson, Vice President of Institutional Sales and Trading at Coinbase, emphasized the need for such a solution.

“More and more, we're seeing corporations looking to participate in the chain in some way, whether that's through NFT drops or, in some cases, voting in DAOs. But they need a reliable way to do it.

As such, at the core of this wallet, Coinbase claims to have built in security as it uses the same security protocols as Coinbase Prime. For example, this wallet has 2FA combined with a physical YubiKey, an additional layer of offline protection for customers' secure systems.

According to the statement, the wallet is equipped with familiar risk controls, including approval alerts, compliance and security information alerts, and transaction preview features. The launch of this tool marks Coinbase's continued move deeper into DeFi territory.