With the launch of the Coinbase Prime Web3 wallet, Coinbase is poised to revolutionize the corporate landscape with enhanced security and unified reporting in the realms of Web3, DeFi, and NFTs.
Coinbase, one of the most renowned cryptocurrency trading platforms, continues its expansion with the official launch of the Coinbase Prime Web3 wallet. This wallet is designed to streamline transactional interactions for major institutions involved in Web3, DeFi, and NFTs.
According to Coinbase’s statement, this crypto wallet relies on MPC (Multi-Party Computation) technology, enabling clients to securely store tokens from supported networks, access their funds, interact with decentralized applications (dApps) and smart contracts, and tap into decentralized liquidity for trading a diverse range of assets.
Furthermore, the Web3 wallet offers direct access to DeFi, allowing clients to purchase, sell, mint, manage NFT collections, and operate Web3 social accounts.
Clients can conveniently access this wallet from their existing Prime accounts. Notably, the wallet supports NFTs, DeFi tokens, DAO (Decentralized Autonomous Organization) assets, and cryptocurrency tokens from nine different networks. It also includes a swap feature for trading over 33,000 tokens across six major blockchain networks.
In an effort to redefine security and reporting standards for enterprises, Coinbase has developed the Coinbase Prime Web3 wallet, tailor-made to meet the fundamental needs of institutional clients. Coinbase highlights that this wallet can seamlessly integrate into existing enterprise workflows.
Emerging from the necessity for unified and transparent reporting, the wallet has been meticulously designed to maintain a comprehensive history of all activities, including detailed transaction descriptions, thereby facilitating thorough auditing processes.
According to Coinbase, the wallet empowers clients to define efficient transaction processing and manage Web3 policies in accordance with their organization’s security requirements.
For instance, enterprises can assign specific roles to users, specifying the level of access granted. Moreover, the Prime Web3 wallet can replicate the entity hierarchy employed by institutional clients, simplifying role assignments even further.