A vault is created as a separate account in which to store funds.
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:
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.
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 No one else can create a withdrawal, but a certain number of approvals are needed before funds can be withdrawn, either 2-of-3 or 3-of-5.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”.