Coinbase Prime launches Web3 Wallet

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 onchain with multi-user access via our Web3 Wallet.

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Leveraging MPC technology for a non-custodial wallet, clients can now:

• Store any token from supported networks, including assets not yet available on Prime Custody

• Gain instant access to funds

• Interact directly with dapps and smart contracts

• Tap into decentralized liquidity to trade a large range of assets

• Vote on DAO governance

• Lend assets or stake with direct access to DeFi

• Buy, sell, mint, and manage NFT collections

• Manage web3 social accounts

Web3 made simple

We have seen tremendous demand from institutions to get direct and secure access to web3 and DeFi. Institutional clients have been looking for reliable access but have struggled to find it in the current environment. Many of our own institutional clients have had to use a patchwork of fragmented solutions to access web3 up until now. With our Web3 Wallet, clients can easily access web3.

• Full Prime integration: Set up and access web3 wallet directly from your existing Prime account, providing access to any dapp, and tokens from supported networks. With a few clicks, you can move funds from your custodial wallets into your Web3 Wallet and back.

• Your home for web3: Coinbase Prime is your singular home for web3 activity — get started with just a few clicks. Users can get secure and direct access to DeFi and web3 from the most trusted brand in crypto. Forego fragmented solutions with multiple providers, additional operational risk, myriad 3rd party contracts, and the added costs they introduce.

• Consistent experience: Across UX and data, we bring a level of consistency that makes it easy for you to follow your organization’s web3 activity and reconcile transactions post execution.

Safely and simply operate onchain

We custom built our wallet to make it as easy and intuitive as possible for organizations to oversee all of their onchain operations. From aggregated views of your assets, NFTs, and DeFi positions, to integrating the most used features like bridges and swaps directly into our product. 

• Store every asset in one place: Store any assets on nine supported networks including NFTs and DeFi tokens. There are no limitations on which types of tokens can be stored. Governance and other smart contract interactions are supported by default. 

• DEX aggregation: Swap assets with a built-in swap feature that searches over 75 DEXes for the best pricing available. Trade over 33,000 tokens, and swap across six major chains: Ethereum, Base, Optimism, Polygon, BNB chain, and Avalanche. The Web3 Wallet also provides swap simulations that will indicate if a swap might fail, thus helping avoid fund loss.

• Bridge: Easily bridge to multiple networks with an integrated bridge feature.

• Readable transaction simulations: Benefit from human readable transaction simulations to understand estimated asset changes and risk associated with a transaction before execution.

• Aggregated view of NFTs and DeFi positions: Clients can see their entire NFT collection in one place with detailed information on each NFT and collection, including aggregated bids from different marketplaces. Similarly, clients can see all DeFi positions in one place.

• MEV protection: Configure RPC with flashbot to be protected from MEV when operating onchain.

Built for enterprise clients

Security and reporting are paramount, and we know that enterprises need a customizable, multi-user solution to fit their unique needs. We built the Web3 Wallet so that clients can tailor their processes to fit with their existing workflows. By defining your own efficient transaction processing, you can manage web3 policies based on your organization’s security requirements and scale operations.

Because our Web3 Wallet is built into Coinbase Prime, it leverages the same flexible team member permissioning for enhanced security. This gives clients the ability to determine the appropriate level of access for each team member by assigning them a user role with a limited set of customizable permissions. Prime Web3 Wallet also utilizes the same entity and portfolio hierarchy providing further customization based on how an institution is organized.

Coinbase Prime and Web3 Wallet reporting are unified to account for all web3 activity and provide a clear audit trail for our clients. Clients can simply access all activity history directly in Coinbase Prime, including detailed descriptions of transactions to facilitate any reporting and audit needs.

Our Web3 Wallet uses the same security features as Coinbase Prime, including two-factor authentication with a physical YubiKey to access and validate transactions for your wallet. Two-factor authentication with a physical key gives clients additional offline protection, and is the most secure type of two-factor authentication available.

Finally, our Web3 Wallet comes with customizable workflows so clients can decide which users on their account can initiate, approve, and sign transactions depending on the type of activity.

Intuitive risk controls

We provide clients with as much information as possible before executing a transaction in order to assist clients in identifying bad actors and provide transparency.

• Approval alerts: Malicious dapps attempt to lure users into granting access to all of their assets. We make it crystal clear which assets a dapp is requesting access to withdraw, allowing you to make an informed decision before completing a transaction.

• Transaction preview: Our Web3 Wallet shows you an estimate of how your token balances will change before you complete a transaction, providing greater transparency and clarity before you press 'confirm'.

• Risk warnings: We provide integrated compliance and security information alerts on your transactions and provide high risk warnings when applicable.

• Dapp blocklist: We provide an advanced warning before you access dapps identified as dangerous using a mix of public and private databases that incorporate tens of thousands of domains and over a million wallet and smart contract addresses.

Convenient and resilient device recovery

Our MPC implementation removes single points of failure and never exposes your private key. Read our detailed white paper on this topic here. Additionally, we have built powerful and resilient recovery methods to help clients avoid losing access to their wallet even in some of the most extreme scenarios.

• Losing your mobile device: Another user from the portfolio can reprovision your device with your shard using our shard cloning mechanism.

• An encrypted backup: Coming soon, in order to give clients full control of their assets and keys, we will provide clients with a special self-custody backup (encrypted by a quorum) that enables them to securely recover their key and export it by themselves if needed.

Ready to get onchain or want to learn more about the Coinbase Prime Web3 Wallet? To enable this feature for your account, reach out to your dedicated account manager or contact sales@coinbase.com.

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Legal disclosures

The Coinbase Prime Web3 Wallet is an MPC wallet providing software services subject to the terms of the Coinbase Prime Web3 Wallet Addendum and Coinbase Privacy Policy.