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A vault can receive funds like a normal wallet, but can also prevent stored funds from being immediately withdrawn by adding optional security steps.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.
Currently, you can store bitcoin, bitcoin cash, litecoin, and ethereum.
No, vaults are available to all Coinbase users. You can create one on your existing Coinbase account.
For step-by-step instructions, please click here.
There are three ways to fund a vault:
To withdraw, just click on the vault in the accounts page and click the "withdraw" button in the top right.
For a standard vault, once you enter the withdrawal details, a confirmation email will be sent to your inbox and to your secondary email inbox. Once the details are approved there, the 48- hour waiting period will begin.
Note: Currently, it's only possible to create one withdrawal request at a time. You must wait for an existing withdrawal to complete, or cancel it, before making another.
Once a vault has been created it's type, withdrawal delay period (48 hours), notification settings, security settings, and owner cannot be changed. It is still possible to rename a vault if needed. In the event that you need to change any of this information, it's best to create a new vault.
At this time Coinbase supports one Wallet and one Vault for each supported digital currency.
None at all. Coinbase vaults are free to use, just like your wallet.
For security reasons, Coinbase support is unable to bypass the waiting period on a vault withdrawal or move funds.
Because the vault requires a withdrawal delay, there is no automatic process that will pull from the funds stored there. It is necessary to have an adequate amount of funds in your spend wallet before creating an instantaneous withdrawal or a purchase.
There are a variety of ways to store your digital assets, and it's definitely a good idea to find out which methods work best for you. The vault is an ideal storage tool if you wish to keep some digital assets online, but don't require quick withdrawals and want to be notified whenever there is a request to spend the funds. The choice to use both wallets and vaults allows you to strike a balance between convenience and increased security to keep you in control of your funds.
Group vaults are useful if you want multiple different people to form a consensus on how bitcoins are spent, or split up spend control between several of your own email addresses.