February 24, 2024
Coinbase’s Layer 2 blockchain receives base record transaction numbers

Coinbase, one of the most popular crypto exchanges, continues its expansion journey with the official launch of its Web3 Wallet, which is designed to facilitate transactional interactions with Web3, DeFi, and NFTs for major institutions.

According to Coinbase’s statement, this crypto wallet will enable customers to tap into decentralized liquidity to store tokens from supported networks, access funds, interact with DApps and smart contracts, and trade a wide range of assets. Will depend on MPC technology.

Additionally, this Web3 wallet will provide direct access to DeFi, allowing customers to buy, sell, mint, manage NFT collections, and operate Web3 social accounts.

Customers can access the wallet directly from their existing Prime account. The wallet can hold NFTs, DeFi, DAOs, and crypto tokens from nine different networks and has a swap feature to trade over 33,000 tokens across six major chains.

A game-changer for enterprises

To redefine security and reporting for enterprises, the company has developed the Coinbase Prime Web3 Wallet tailored to the fundamental needs of institutional clients. Coinbase notes that this wallet can be integrated into the existing workflows of enterprises.

Born out of the need for integrated and transparent reporting, the wallet was reportedly Design Keeping a history of all activities including complete detailed transaction details, thereby facilitating proper auditing.

According to Coinbase, the wallet allows customers to define efficient transaction processing and manage Web3 policies according to the security needs of their organization.

For example, enterprises can assign roles to users with conditions regarding the level of access allowed. Additionally, Prime Web3 Wallet can mirror the entity hierarchy used by the institutional client, making it even easier to assign roles.

Major focus on security

Kevin Johnson, vice president of institutional sales and trading at Coinbase, commented on the need for such a solution, saying:

“More and more, we are seeing corporations that want to participate on-chain in some way, whether it’s by dropping NFTs or, in some cases, even voting in the DAO. But they need a safe way to do so.

Thus, at the heart of this wallet, Coinbase boasts implanted security, as it leverages the same security protocols as Coinbase Prime. For example, this wallet combines 2FA with a physical YubiKey, which is an additional layer of offline security to provide customers with a secure system.

According to the statement, the wallet is also equipped with intuitive risk controls, including transaction preview features for approval alerts, compliance and security information alerts, and warnings on transactions. The launch of this tool marks Coinbase’s continued forays into the DeFi space.

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source: cryptopotato.com

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