Consensus, Transaction, and Video Verification security settings on Coinbase Prime

Coinbase Prime deploys high levels of security to ensure funds remain safe at all times. From the Settings page, you can edit the security requirements for consensus, transactions, and video verification. Transfer policies can be set for specific transactions 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 balance system on Coinbase Prime. It allows you to determine the number of users needed to approve transactions and changes on your account. 

During the onboarding process, in the business application, you’ll set the consensus settings. You’ll choose either majority of approvers (recommended) or all approvers are required. The more approvers needed to reach consensus, the more secure the account. You can edit consensus settings after you’ve onboarded

Consensus settings include:

  • General consensus: Set approvals needed for transactions and account changes.

  • Governing Voting consensus: Set whether consensus is required for Governance voting proposals.

  • Video Verification: Set requirements to verify certain higher risk withdrawals in your portfolio. More details available under the Video Verification section.

Transaction security requirements is another form of checks and balances on Coinbase Prime. It allows you to set controls on transactions like trades, transfers, and withdrawals. 

During the onboarding process, in the business application, you’ll set transaction settings. You can edit the transaction settings after you’ve onboarded.

Transactions settings include:

  • Max Withdrawal: Set the maximum amount that can be withdrawn in a single transaction

  • Trusted Address Protection: Limit withdrawals to only the trusted addresses in your address book.

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.

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