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Digital Assets: Coinbase Prime Introduces Web3 Wallet

Coinbase (NASDAQ:COIN) has introduced the Coinbase Prime Web3 Wallet, expanding its digital asset management service to meet the needs of institutional and enterprise clients. The company aims to provide a secure way for these clients to operate onchain with multi-user access through its non-custodial wallet, leveraging MPC technology.

With the new Web3 Wallet, clients can store any token from supported networks and have instant access to their funds. They can also interact directly with decentralized applications (dapps) and smart contracts, trade a wide range of assets using decentralized liquidity, vote on decentralized autonomous organization (DAO) governance, lend assets or stake them in decentralized finance (DeFi), buy, sell, mint, and manage non-fungible token (NFT) collections, and manage web3 social accounts.

According to Coinbase, there has been a demand from institutions to access web3 and DeFi in a direct and secure manner. Many institutional clients have had to rely on fragmented solutions until now. The Coinbase Web3 Wallet aims to streamline the process by allowing clients to set up and access their web3 wallet directly from their existing Prime account, eliminating the need for multiple providers and reducing operational risk and costs.

The integration with Coinbase Prime ensures a consistent experience for users, with unified reporting to account for all web3 activity and provide an audit trail for clients. Coinbase Prime aims to be the go-to platform for web3 activity, offering secure and direct access to DeFi and web3 from a trusted brand in the cryptocurrency industry.

For more information, visit Coinbase’s website.

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