Treasury/Projects/2024/Coinbase Organization Account: Difference between revisions
(create page, explaining custodial wallets clearly enough to deter the trolls) |
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=Who, What, When= | |||
[[User:Mcint|I'm]] working on fully authorizing the coinbase org account. Uploading verification docs, 8 in total. | |||
Once it's up, the [[User:Patrickod|old-old-old treasurer]] will transfer funds. | |||
Once it's up, the old-old-old treasurer will transfer funds. | |||
=Why= | |||
''(For the curious and the confused, coinbase holds the funds in their wallet[s], and will perform actions on our behalf, audited and under authority of the organization. It's likely better audit and identity tools than exist for banking.)'' This is called a '''custodial wallet''', as in Coinbase is the '''custodian''' of our wallet. | ''(For the curious and the confused, coinbase holds the funds in their wallet[s], and will perform actions on our behalf, audited and under authority of the organization. It's likely better audit and identity tools than exist for banking.)'' This is called a '''custodial wallet''', as in Coinbase is the '''custodian''' of our wallet. | ||
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Since coinbase is holding our funds, like a bank, the funds are held in their wallets, and we have control over where to direct the funds. | Since coinbase is holding our funds, like a bank, the funds are held in their wallets, and we have control over where to direct the funds. | ||
=Where & How: Status & Process= | |||
I'll share other documents share with Coinbase for KYC, not containing PII, here in the near future. | |||
Latest revision as of 14:16, 13 March 2024
Coinbase now supports organization accounts. We're creating one, to manage our bitcoin in the same way we did before.
Who, What, When[edit | edit source]
I'm working on fully authorizing the coinbase org account. Uploading verification docs, 8 in total.
Once it's up, the old-old-old treasurer will transfer funds.
Why[edit | edit source]
(For the curious and the confused, coinbase holds the funds in their wallet[s], and will perform actions on our behalf, audited and under authority of the organization. It's likely better audit and identity tools than exist for banking.) This is called a custodial wallet, as in Coinbase is the custodian of our wallet.
- article on this difference: https://www.coinbase.com/learn/crypto-basics/what-is-the-difference-between-coinbase-and-coinbase-wallet
- glossary entry: https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/custodial-wallet
- enumerated points of comparison: https://help.coinbase.com/en/wallet/getting-started/what-s-the-difference-between-coinbase-com-and-wallet
It is not a self-custody wallet, which would be inappropriate for a large organization that sometimes struggles with governance.
Since coinbase is holding our funds, like a bank, the funds are held in their wallets, and we have control over where to direct the funds.
Where & How: Status & Process[edit | edit source]
I'll share other documents share with Coinbase for KYC, not containing PII, here in the near future.