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Multisig vaults on Coinbase – The Coinbase Blog

Multisig vaults on Coinbase

We wanted to give our customers an update about multisig vaults on Coinbase.

Multisig vaults were originally introduced as a way for customers to manage their private keys and control their own security while still using the Coinbase interface. However, as Bitcoin forks become more commonplace, the complexity of multisig vaults makes it infeasible to support multisig withdrawals for each additional forked asset.

Last year, we disabled the creation of new multisig vaults. This was the result of customer feedback and low popularity and usage.

Over the next 30 days, we will be winding down our support for existing multisig vaults on Coinbase. The last day of support will be on April 19, 2018. By removing this functionality, engineering time spent on supporting multisig vaults can be reallocated to continued investment in the security and reliability of our platform, which is of critical importance to our customers.

Because this product is user-controlled, customers can move funds with the two keys they already control. This change will only result in customers not being able to access the third key that Coinbase controls. Customers should ensure they have access to their two keys over the next 30 days. Otherwise, we recommend customers withdraw all funds from a multisig vault prior to April 19, 2018.

After April 19, 2018, access to the multisig address associated with a multisig vault will require the use of 3rd-party software not controlled by Coinbase.

Source:
https://blog.coinbase.com/multisig-vaults-on-coinbase-c21f58eed7cb