Coinbase Prime deploys high levels of security to ensure funds remain safe at all times. Authorized user roles are able to edit the requirements of approval policies for the entity, specific portfolios, transactions, and video verification. Transfer policies can be set for specific transaction types to offer more granularity.
Expand each section below to learn more about the approvals and controls provided by each security feature.
Consensus provides a checks-and-balances system on Coinbase Prime. Consensus requirements are managed through Entity, Portfolio, and Transfer Approval Policies. Each Policy allows you to set the number of users needed to approve transactions or complete actions taken on the account.
During the onboarding process, account owners designate consensus settings. They can choose either a majority of approvers (recommended) or all approvers required. Your preference at onboarding will apply to both your Entity and Portfolio policies and can be edited in Settings at any time. The more approvers needed to reach consensus, the more secure the account.
Consensus settings include:
Entity Policy: approvals needed for entity level activities.
Portfolio Policy: approvals needed for portfolio level activities.
Governance Voting: Set whether consensus is required for Governance voting proposals.
Transfer Approvals Policy: approvals and video approvers needed for transfers, deposits, and withdrawals.
You can customize conditions for cryptocurrency and cash transfers to help further secure your account on Coinbase Prime by using the Transfers Tab found under each Portfolio in Settings > Security > Transfers. These settings can be based on:
Transfer type
Trading & Vault Internal Transfers
Trading & Vault Withdrawals
Destination:
Internal vs External Addresses
Currency:
Crypto & Fiat
Transaction Size:
Up to ($10k - $100m)
Everything else
Consensus Approvals
(M) of (N) in (X) hours
Video Approvals
(M) approvers needed
Transactions settings include:
Max Withdrawal: Set the maximum amount that can be withdrawn in a single transaction using Settings > Security > Transfers > Maximum Transfer Amount
Video calls are required for certain actions taken on your Coinbase Prime account, such as account withdrawals. This security measure allows the Prime team to conduct secondary verification of the client’s identity after general consensus has been met.
During the onboarding process, in the business application, you’ll set the video verification settings and add video call approvers. You can edit the video verification settings and video call approval permissions after you’ve onboarded using Transfer Approval Policy Settings.