In a bid to foster greater participation from institutional investors in the realms of NFTs and DeFi, Coinbase has rolled out a specialized service under its Coinbase Prime division. The newly introduced institutional-grade Web3 wallet is designed to offer enhanced security and utility features, positioning itself as a pivotal tool at a juncture where the global Web3 market is projected to amass a turnover of approximately $3.25 billion by the close of 2023.
A Closer Look at the Coinbase Prime Web3 Wallet
The Web3 wallet, a cornerstone of the Coinbase Prime initiative, facilitates the secure storage of tokens while granting users immediate self-custody access to their funds. Moreover, it serves as a gateway to decentralized applications (dApps) and smart contracts, enhancing the user experience in the digital assets space.
An official statement from Coinbase highlighted the wallet’s role in addressing the existing gaps in reliable access to Web3, a concern echoed by many institutional clients. The wallet promises to streamline access to Web3, eliminating the need for fragmented solutions that have characterized the experience so far.
Delving into the Features of the Prime Web3 Wallet
Launched in May 2021, Coinbase Prime set out to cater to the sophisticated trading and asset custody requirements of institutional investors. The integration of the Web3 wallet with Coinbase Prime ensures a harmonized approach to security, leveraging flexible team member permissions to dictate access levels and facilitate customization based on an institution’s structure.
In a proactive move to counter security threats, the wallet introduces a suite of features including approval alerts, transaction previews, and risk alerts, coupled with the functionality to block dubious dApps. The deployment of the Multi-Party Computation (MPC) system stands as a testament to the wallet’s commitment to user privacy, guaranteeing the non-disclosure of private keys. Looking ahead, Coinbase plans to offer a dedicated self-custody backup solution, a strategic addition aimed at secure key restoration.
Coinbase in India: Navigating a Period of Uncertainty
This development unfolds amidst a period of instability for Coinbase’s operations in India, a nation that recently clinched the top spot in Chainalysis’s 2023 Global Crypto Adoption Index. The recent wave of account suspension notifications to Indian users has fueled speculation regarding the potential halt of Coinbase’s activities in the region.
Despite the temporary pause on new registrations from India, Coinbase reaffirms its dedication to serving the Indian user base, navigating a path of commitment amidst swirling rumors and uncertainties.
