2022 marks a record year for global spending on blockchain solutions with the projected total reaching $11.7 billion. As web3 technologies have continued to evolve at lightning speed, engaging with them and incorporating them into business strategy has become exponentially more important.
Crypto wallets are the fastpass for access to industry-leading projects built on blockchain technology. From games to dApps, to NFTs and cryptocurrencies, without a wallet many of the most exciting web3 innovations are inaccessible.
Take NFTs for example. In the first quarter of 2022 alone there were 7,447,473 sales of NFTs. And currently 32,400 distinct wallets are in possession of 2.7 million unique NFTs. While in very rare cases it is possible to buy an NFT without a crypto wallet, the options are extremely limited.
Security meets Freedom with the Coinbase Wallet
Coinbase, with its over 100 million verified users world-wide, is one of the top crypto exchanges. It boasts a ranking of number one in safety due to the fact that it has never been hacked nor involved in a security breach of any kind. While Coinbase Wallet is a distinct product from the exchange itself, the platform’s history of security gives wallet-users a heightened level of confidence in engaging with the technology.
The Coinbase Wallet is a self-custody digital wallet that is free of charge and available for anyone to download. In the case of the exchange, Coinbase validates a user's information, confirms their identity and thus serves as the custodian. With Coinbase Wallet on the other hand, the user is the custodian and sole holder of their own private keys.
How It Works
Wallet users have total control over their assets, dApps, and NFTS. In addition, they can engage with any DEX and are not limited to the selection of crypto offered through Coinbase’s centralized exchange.
Open a Coinbase Wallet in Easy 3 Steps:
- Get the wallet extension: Begin by downloading the wallet extension for the browser of your choice.
- Guard your private key: Write down the twelve secret words presented on the screen which are the private key for unlocking your wallet. As the sole custodian over your private key, it is of utmost importance to guard it in a safe place where no one can steal it and it runs no risk of getting lost. Unlike a password which can be reset, without these twelve immutable words you cannot open your wallet to access your crypto.
- Open your wallet: Create a password which serves as an additional security layer, open up your wallet and start familiarizing yourself with its various functions. Time to make your first trade!
One of the most notable functions of the Coinbase Wallet is its compatibility across blockchains. Users can manage hundreds of thousands of cryptocurrencies all in one place.
Use your wallet to connect across chains including Bitcoin, Ethereum, all EVM-compatible networks, Dogecoin, Litecoin, Ripple, Solana, and Stellar.
This heightened level of flexibility and choice makes it stand out from other wallet options such as the Phantom Wallet on Solana or Metamask on Ethereum, which are only readily compatible with their native blockchains.
Buying NFTs with Coinbase Wallet
Get ready to buy your first (or thousandth) NFT. Coinbase Wallet makes purchasing NFTs across marketplaces just a click away. Whether you’re looking to drop serious money on a high-value collectible or want to purchase a one-off from a favorite artist, Coinbase Wallet opens the door to NFTs across blockchains.
For first-time buyers looking to get a taste of the NFT experience, we recommend starting by transferring ETH into your Coinbase Wallet (which can be done through a Coinbase account) and connecting to OpenSea for the widest selection of NFTs at varying price points.
- Browse the selection: Choose the NFT that’s calling your name (and, of course, your budget).
- Purchase your NFT: Click the ‘buy now’ button for purchasing at the price listed by the seller, or the ‘make offer’ button to negotiate a price.
- Confirm the purchase: Complete the transaction by clicking the ‘pay’ button.
- Find your NFT in your Wallet: After completing your purchase you can find your NFT within your Coinbase Wallet.
Connecting your Coinbase Wallet to Rise
Rise is excited to introduce the integration of Coinbase Wallet into its payroll system. Download the Coinbase Wallet extension following the steps detailed above and connect to Rise Pay in a matter of seconds.
Receive payments, instant transfer funds to your wallet, and, if you have a Coinbase account, move money between your wallet and bank account with ease.
Experience payment on your terms today with Rise’s next-level flexibility and security.