Feature Friday: Coinbase Vaults
Vaults are the crypto equivalent of a savings account.
If you have crypto assets that you don’t plan to spend/send frequently, you can put them in vault and get increased security.
Coinbase has had a vault offering for Bitcoin for the past three years and they have now launched the same vault product for ETH and Litecoin.
It appears as an additional account in your Coinbase accounts screen:
With the vault, you get a 48 withdrawal period (so nobody can move funds out of your account for 48 hours) and multiple signers on a withdrawal.
You can have three signers and require all three to sign a withdrawal or you can set up five and require three of five to sign a withdrawal.
I like to keep some crypto assets in my wallet and the rest in a vault. It is more secure.
If you have crypto assets at Coinbase, I encourage you to set up vaults for them.