In an effort to attract institutional investors to NFT and DeFi, Coinbase has launched a new service specifically for this purpose. Under its Coinbase Prime division, the exchange has launched an institutional-grade Web3 wallet with advanced security and utility. Coinbase is interested in increasing the participation of large investors in the digital asset space at a time when the global Web3 market is expected to generate $3.25 billion (approximately Rs. 26,955 crore) by the end of 2023.
The Coinbase Prime Web3 Wallet will allow customers to store tokens and have instant access to self-custodial funds. It will also help users interact with decentralized applications (dApps) as well as smart contracts.
“Institutional customers have been looking for reliable access but are finding it difficult to find in the current environment. Until now, many of our own institutional customers have had to use a patchwork of piecemeal solutions to access web3. Through our Web3 wallet, customers can easily access Web3,” the exchange said in a statement. Official post.
Coinbase Prime takes center stage
In May 2021, Coinbase launched Prime services to meet the advanced trading and asset custody needs of institutional investors.
This new Web3 wallet will enable users to access any dApp as well as tokens from the supported network.
“Because our Web3 wallet is built into Coinbase Prime, it leverages the same flexible team member permissions for enhanced security. This allows customers to identify each team by assigning each team member a user role with a limited set of permissions. The appropriate level of access for members. “Prime Web3 Wallet also leverages the same entity and portfolio hierarchy, providing further customization based on how the institution is organized. ” the exchange’s post added.
To help companies stay ahead of security threats, the wallet will offer approval alerts, transaction previews, risk warnings, and the option to block suspicious dApps. The exchange claims that its implementation of the “Multi-Party Computation (MPC)” system will never expose users’ private keys. It also plans to provide its customers with special self-custody backups, which may come in handy for safely recovering their keys.
The development comes as Coinbase’s operations in India, which topped Chainaanalysis’s 2023 Global Cryptocurrency Adoption Index, are struggling.
After some users in India received notifications that their accounts would be disabled in the coming days, there were rumors that Coinbase might cease operations in the country entirely. Coinbase has temporarily halted new registrations from India, although the company said it remains committed to serving Indian users.
Svlook
