Taking Control of Your Prime Web3 Wallet Assets with Key Export

Key Export is a feature that allows you to export your "portfolio root key" - the main private key that controls the funds associated with all your Prime Web3 Wallets in your portfolio.

Here's how it works:

  • You set up a "quorum" which is a number of Yubikeys required to access the root private key. For example, you may need 2 of the 3 total Yubikeys to reach quorum.

  • Using the shard stored on your mobile device, you will generate an encrypted file containing your portfolio root private key. 

  • You can then use the encrypted file and your security keys, without Coinbase's involvement, to extract and access the root private key.

  • Once you have the root private key, you can transact without Coinbase by, for example, importing your key into another non-custodial wallet.

For more information regarding Export Web3 Key, please view the PDF guide within the Prime platform that can be downloaded here:

Warnings on Key Export risks

  • Exporting your web3 keys means that your private key can be accessed independently of Coinbase, therefore you need to ensure that your exported backup is stored securely.

  • Private key theft: Without proper security for your encrypted backup file and YubiKeys, an insider could potentially steal/access your private key.

  • Loss of access to your exported backup: If you lose the backup file or don't have enough YubiKeys to meet the "quorum" threshold, you will lose access to your exported backup. If you still have access to a valid provisioned device (or recovery phrase) for your Prime Web3 Wallet, it is possible to recreate the quorum of YubiKeys and export a new encrypted backup.