2022 marks a record year for global spending on blockchain solutions with the projected total reaching $11.7 billion.
Engaging with web3 technology has become integral for competitive business strategy with crypto wallets serving as the fastpass for access to industry-leading projects. From games to dApps, to NFTs and cryptocurrencies, without a wallet many of the most exciting web3 innovations are inaccessible.
Crypto wallets are a key component of Rise’s infrastructure, and we’re excited to announce Coinbase Wallet is now a viable wallet option for our users.
Before we dive into it, let’s take a step back and understand how the RiseID works.
First, what's the RiseID, and how is it associated with users’ wallets?
When onboarding on Rise, both organizations and team members mint their RiseID, a unique and self-owned smart contract, which acts as their decentralized identity.
The RiseID validates a user’s identity when interacting with Rise’s smart contracts, adding an extra layer of security. The RiseID is owned by a web3 wallet, the Owner, and can be managed by Delegates, other web3 wallets users may want to add.
I.e. Joe Smith’s RiseID is owned by his MetaMask wallet, but Joe’s Torus wallet can also manage it. When making payments to his team members and in order to verify his identity on Rise, Joe will need to sign a transaction with his Coinbase Wallet, which is associated with his RiseID.
Today, we are excited to announce the integration of Coinbase Wallet into our compliance & payroll system.
Coinbase Wallet can now be added as an owner, or delegate, of the RiseID. Concretely, what does this mean?
With their Coinbase Wallet, businesses can now fund their account, create automated pay schedules, and approve payments to their team members.
Contractors can receive payments and withdraw funds with their Coinbase Wallet.
Experience payment on your terms today with Rise’s next-level flexibility and security. Download the Coinbase Wallet extension following the steps detailed at the end of the article and connect to Rise Pay in a matter of seconds.
More information on Coinbase Wallet: 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.
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.
Create 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!