Configuring Coinbase
Coinbase is a leading custody provider for top protocols and token launches. They provide services including custody, liquidity, staking and delegation support. A number of our customers use Coinbase to distribute employee and investor tokens.
🔑 Creating a New API Key
In order for Pulley to interact with your Coinbase Custody account, you need to generate a new, unique API key. To do this:
In Coinbase, navigate to 'Settings -> API -> Create Portfolio API Key'
This will prompt you to complete a modal, asking for:
Portfolio to grant access to
API Nickname
Access Type ('Read and Transfer')
Expiration Date
Once created, the key requires a quorum approval from account administrators to activate
Once active, your key will provide three pieces of information. Save these to store into Pulley later:
Access Key
Signing Key
Unique Passphrase
Navigate to Token Cap Table -> select Tokens -> Click on selected token -> Next to storage, click ‘Add’ -> Select Coinbase'
There, you will be prompted to enter Access Key, Signing Key and Passphrase from before. Once entered, these will be encrypted and stored in Pulley
Afterwards, you can select which Portofolio and Wallet you plan to distribute tokens from
🔌 Testing Connection & Transfer
Once you successfully add in a new API key for Coinbase, you can test that the basic access and transfer functionality works as expected in Pulley.
In the same section ('Company -> Tokens and Custodians Information -> Custodians') you should see two buttons, labelled 'Ping Coinbase' and 'Test Coinbase Transfer.'
Ping Coinbase: This tests that your Coinbase account information and access key were setup correctly. When pressed, you should see the following message appear: "Coinbase portfolio/wallet is setup correctly".
If you see an error message, you will likely need to generate a new API key for Pulley as the previous information was incorrect.
Test Coinbase Transfer: This tests that Pulley has permission to initiate a new transfer request for your portfolio. When pressed, you will be prompted to enter a wallet address to transfer to, and a transfer amount.
Wallet address: This address should be whitelisted in your Coinbase portfolio already (see below)
Transfer amount: Given this is a test transfer, this is usually a low token amount (above the minimum transaction size for the asset)
When initiated, you should see the following success message appear: "Coinbase test transfer was made"
If you see an error message, double check that the wallet address is valid and whitelabelled in Coinbase.
Whitelabelling Addresses
Depending on your vault settings, you may or may not need to whitelabel all tokenholder wallet addresses to allow for token distributions.
💡 Pulley recommends requiring whitelabelling for all transfers as an extra layer of security.
To whitelabel addresses on Coinbase, navigate to: 'Settings > Address Book > Add Trusted Addresses'
There, you can whitelabel all new token holder wallet addresses.
💡 Note: Changing a wallet address on Pulley does not automatically white label the new address on Coinbase. You will need to add in all new addresses to your Prime Portfolio.
Running a Distribution
When running a distribution, you will be prompted to select a distribution method ('Connect Wallet').
Pressing [Connect with Coinbase] will automatically load in the Coinbase API key and wallet information you previously entered. You can then either confirm or update these details.
Once you review the information, you can submit the batch of transactions to Coinbase, where it will wait for a quorum of approval from the portfolio administrators. You can approve (or reject) distributions, as well as see the distribution details, under 'Pending Activities' in your Coinbase account.
You can also see the status of all transactions within the distribution flow on Pulley. As transactions are approved (or rejected) in Coinbase, Pulley will automatically update the information and transaction data.