Coinbase has introduced a web3 wallet through its Coinbase Prime division, aiming to provide institutional clients with secure access to crypto, NFTs, and defi applications.
Introduced through its Coinbase Prime division, the wallet plans to provide an entry point for professional organizations into non-fungible tokens (NFTs) and the broader landscape of decentralized finance (defi).
The wallet allows institutional clients to access and manage a variety of digital assets, including cryptocurrencies, NFTs, and decentralized applications (dapps). While retail consumers have been active in these decentralized ecosystems for some time, institutions are only now starting to engage more broadly with them.
Kevin Johnson, the vice president of institutional sales and trading at Coinbase, stated that the wallet was developed in response to increased interest from corporations in safely participating in on-chain activities, such as NFT drops and decentralized autonomous organizations (DAOs).
According to Coinbase, the platform also enables institutions to store tokens from supported blockchain networks securely. It gives clients self-custody access to their funds, allowing direct interactions with dapps and smart contracts. Johnson noted that the wallet is designed to integrate with existing Coinbase Prime accounts to maintain uniform safety measures.
An additional feature is the ability to implement multi-user setups with different permissions and configurations. This is particularly relevant for institutional clients who require multiple team members to manage digital assets.
While this offers a layer of internal control over who can access and make decisions related to the stored assets, it’s essential to note that the effectiveness of such features would still be subject to the institution’s own governance protocols.