What is a vault?
Sometimes your money belongs in different places. This is why we keep some cash on hand, in a checking account, and in a savings account. Similarly, Coinbase users have the ability to organize funds into different 'wallets' as part of a Coinbase account - a standard 'wallet' or a 'vault' account.
A vault can receive funds like a normal wallet, but can also prevent stored funds from being immediately withdrawn by adding optional security steps. Users can also choose to split ownership between multiple users and email accounts, requiring these users to approve of a transaction before it can be completed.
Which digital currencies can I store in a vault?
Currently, you can store bitcoin, litecoin, and ethereum.
If I already have an account, do I need to sign up again with a new email address in order to use a vault?
No, vaults are available to all Coinbase users. You can create one on your existing Coinbase account.
How do I set up a vault?
A vault is created as a separate account in which to store funds.
- Navigate to https://www.coinbase.com/accounts or select Accounts from the top of the page
- There you will see an option to create a new account
- You'll have the option to pick a currency:
4. You will be then asked to name your vault. The name can be anything that is appropriate and of your choice.
5. After selecting and naming your vault, you can choose whether withdrawals will be approved by you alone, or by a group of trusted co-signers:
6. After you select your choice, you will be prompted to select a secondary e-mail. Once you submit a secondary email, you will be asked to access your secondary email and verify the account. Below is the email you will receive to your secondary email address:
What's the difference between an individual and group vault?
An individual vault requires only one person's permission (yours) to withdraw funds. If you let Coinbase manage vault security, you will need to provide a secondary email address, which will be notified in the event of a withdrawal. Both your primary and secondary email address will have the option to cancel it.
- When setting up your account, you will have to verify the account from BOTH the primary and secondary email.
- You will receive a confirmation email to your secondary email. Please go into your secondary email account to approve the request:
A group vault requires email confirmations from multiple different users when the master account holder (you) requests a withdrawal. No one else can create a withdrawal, but a certain number of approvals are needed before funds can be withdrawn, either 2-of-3 or 3-of-5. It is very important to designate only trusted individuals as co-signers!
Most importantly, the withdrawal 48 delay still occurs whether you use an individual or group vault. Once a withdrawal is approved and started, only the original account owner retains the ability to cancel it before the waiting period is over.
7. Once you have clicked the linked provided in the memo in your secondary email, you will be directed to the “vault setup complete”.
After you see the picture above your vault has been successfully create. You can now send correlating digital assets to this account.
For frequently asked questions, please check out our FAQ page: https://support.coinbase.com/customer/portal/articles/2877996