Institutional appetite for on-chain activity is heating up, says Coinbase's VP
Oct 16, 2023
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Kevin Johnson, Coinbase's VP of Institutional Sales and Trading, discusses Coinbase Prime's new web3 wallet for institutional clients. The non-custodial wallet offers on-chain capabilities, DEX aggregation, risk controls, and customizable workflows. Kevin also talks about integrating wallet technology, leveraging on-chain activity for marketing campaigns, and Coinbase's efforts to promote industry growth.
Coinbase has developed products tailored for institutional clients, providing strong custody and better execution tools.
The introduction of Coinbase's Web3 wallet allows clients to safely engage in on-chain activities and smart contracts.
Deep dives
Overview of Coinbase's Tailored Products for Institutions
Coinbase has developed products tailored specifically for institutional clients, such as Coinbase Prime. These products provide features like strong custody, smart border routing, and better execution tools to meet the needs of institutions. Coinbase has also started selling underlying technology to corporations and businesses, allowing them to build their own white-labeled products and companies. The goal is to grow the crypto economy by serving retail and institutional clients, as well as by enabling others to build their own products using Coinbase's technology.
The Development and Purpose of Coinbase Web3 Wallet
The introduction of the Web3 wallet by Coinbase addresses the demand for clients who want to engage with on-chain activities and smart contracts. Previously, clients faced difficulty in accessing these capabilities securely. The Web3 wallet provides a solution by offering clients additional controls, such as configuring multiple users to share the same account and setting permissions for specific activities. Coinbase achieved this by integrating the wallet-as-a-service technology acquired from Unbound, enhancing self-custodial capabilities and providing a safer and more user-friendly experience for institutional clients.
Use Cases and Benefits of Coinbase's Web3 Wallet
The Coinbase Web3 wallet serves various use cases and solves challenges in the corporate realm. Hedge funds and trading firms can now safely access DEXs for trading and lending on-chain, leveraging the permission setup inherited from Coinbase's centralized platform. Corporate clients, including those interested in NFT adoption for loyalty or marketing, can now utilize the wallet to securely engage in on-chain transactions and maintain control over their assets. Additionally, the wallet's institutional-grade features make it suitable for firms involved in tokenized assets, providing robust permissioning, white-listing, and control over transactions.
Kevin Johnson is Coinbase's VP of Institutional Sales and Trading.
In this episode, Johnson shares the details behind Coinbase Prime's new web3 wallet designed to give institutional and enterprise clients secure and direct access to web3, DeFi, and various onchain operations.
As Johnson explains, "It was always in our plans to take the great centralized tools that we had built with those multi user capabilities and eventually bring those on on chain for clients."
The new non-custodial wallet offers features such as storing any tokens, DEX aggregation, intuitive risk controls and customizable workflows — all integrated with Coinbase Prime's battle-tested security measures.
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