🔵Coinbase Prime Users
Learn how to use your Coinbase Prime account with OpenTrade
Using Coinbase Prime with OpenTrade requires prior approval and testing with OpenTrade to ensure safe flow of funds between Coinbase Prime and OpenTrade. Do not attempt this method until you have been given prior approval from and completed testing with OpenTrade. Your account manager will guide you through this process.
Summary
Coinbase Prime users can make investments in OpenTrade from their Coinbase Prime account
Coinbase Prime users can have withdrawals from OpenTrade repaid into the Coinbase Prime accounts
Coinbase Prime accounts cannot connect to smart-contracts or hold unlisted tokens, so you need to create an Embedded Wallet that will connect to our Web Application and hold OpenTrade vault tokens. This can be created with a simple email address!
The Embedded Wallet will not hold any funds - it is simply used to log into OpenTrade, hold vault tokens (which have no monetary value), and request withdrawals. All investments will be sent from your Coinbase Prime account and all withdrawals will be repaid to your Coinbase Prime account.
Getting Started
Follow the steps below to get ready to use your Coinbase Prime wallet with OpenTrade.
1) Create an Embedded Wallet
This wallet is how you log into the OpenTrade Web App.
It requires only an email address to create and login
No funds will ever move through the Embedded Wallet. For investments, USDC/EURC will be sent from your designated Coinbase wallet. For withdrawals, USDC/EURC will be sent to your designated Coinbase wallet.
The Embedded Wallet will only be used to:
Log in to the Web App to view balances, run reports, and request withdrawals
Hold vault tokens
Vault tokens do not confer any rights or hold any value. If you lose them or lose access to your wallet, your funds are safe. There is a manual recovery process for vault tokens.
User Guide: Creating an Embedded Wallet
2) Provide OpenTrade with your Coinbase Prime USDC wallet address
This is where funds will be repaid.
IMPORTANT: This Coinbase Prime wallet address must be able to receive the asset you are investing (e.g. USDC/EURC) on Ethereum or Avalanche from external wallets. If you provide the wrong address for the wrong network or asset, your funds will be lost. We will perform a penny test to confirm.
3) Whitelist OpenTrade’s USDC Deposit Address in your Coinbase Prime account
This is where you will send funds to make investments.
Your OpenTrade Account Manager will provide you with the deposit address on a video call.
You should whitelist this in your Coinbase Prime "Address Book" to make transfers to it.
We will perform a penny test to ensure you have the correct address.
IMPORTANT: Only send USDC on ETH or AVALANCHE to this address. Sending any other token and/or on any other network will result in your funds being lost. We will perform a penny test to confirm.
Making an Investment
Navigate to your Coinbase Prime account
Create a transfer to the OpenTrade USDC Deposit Address & input the amount you'd like to invest
Approve the transfer to the OpenTrade USDC Deposit Address
Provide an Investment Confirmation via Slack or Email with OpenTrade. Your preferred communication method will be confirmed with your account manager before transacting. In this confirmation, provide the following info:
the amount invested (e.g. 100 USDC)
the vault you would like the funds allocated (e.g. USD Money Market Fund Vault on Avalanche)
the transaction hash and/or a link to the transaction on Etherscan or Snowtrace (this is available by clicking on the transaction in your Coinbase Prime account). This is to help us reconcile the transaction and assign it to you.
Once USDC has been received, vault tokens will be minted to your Embedded Wallet and your balance on the platform will be updated. This will be same day for investments made on business days before the cut-off time.
Making a Withdrawal
Connect your Embedded Wallet to the OpenTrade app
Select the vault you would like to withdraw from
Click "Withdraw"
Input the amount you'd like to withdraw
Click "Submit Withdrawal Request"
Approve in your Embedded Wallet
IMPORTANT: You must have funded your Embedded Wallet with the native gas token otherwise the transaction will fail.
After the Withdrawal Processing Time, USDC will be sent back to your designated Bitso wallet address and the corresponding amount of tokens will be burned.
Last updated