Overview

Coinbase Exchange is a business-facing solution by Coinbase that enables trade. Gradually, all users of Coinbase Pro are being migrated to use either Coinbase Exchange or Coinbase Prime. Coinbase Prime is a prime brokerage solution that includes sub-custody and is not supported as an integration with Fireblocks.

Configuring your Coinbase Pro or Coinbase Exchange account

To configure your Coinbase Pro or Coinbase Exchange account to connect to Fireblocks:

1. Refer to the Coinbase Pro Documentation or the Coinbase Exchange Documentation to learn how to generate an API key. 
2. Copy and keep a record of your Passphrase. You will need it when adding this exchange to your workspace.
3. After you confirm the validity of your new API key, copy and keep a record of both the API Key and Secret Key. You will need them when adding this exchange to your workspace.
4. Make sure you enable the following permissions:
   • View
   • Transfer
     
   • For Sub-accounts, you will also need to add:
     
     • Trade
     • Manage
5. Add the IP addresses of Fireblocks' international and US-based exchange service to the IP Whitelist: 40.87.67.58, 40.117.39.60, and 52.76.208.129.

Configuring Fireblocks

1. In the Fireblocks Console, go to Accounts > Exchanges.
2. Select + Connect Account. 
3. Select Coinbase Pro or Coinbase Exchange, select Main Account, and then complete the following fields:
   1. Name on Fireblocks: Enter the name you want to give this exchange account on Fireblocks. 
   2. API Key: Enter the API key that you saved from Coinbase.
   3. API Secret: Enter the Secret key that you saved from Coinbase.
   4. Passphrase: Enter the Passphrase that you created in Coinbase.
   5. Select Connect Account.

The Admin Quorum must approve the new account to make it available for new transfers from your workspace.

Your Coinbase account appears on the Exchanges page along with all managed assets and their balances. Following Admin Quorum approval, transfers are available from your vault accounts, whitelisted addresses, Fireblocks Network connections, and other connected exchange accounts to your Coinbase account. 

Enabling withdrawals from Coinbase

Coinbase sub-accounts

See here.

Converting between USD and USDC on Coinbase Pro

You can convert USD to USDC stablecoin and vice-versa using a connected Coinbase Pro account.

Getting started

Connect your Coinbase Pro account. Make sure you enable the Trade permission in your Coinbase account setup.

Option 1: Direct Withdrawal

This is the default mode.

Your Coinbase Pro or Coinbase Exchange account displays one aggregated USD balance. Simply create a new transaction, select your Coinbase Pro account as the source, and select USD or USDC as the asset. You can create such transfers up to the total amount of your aggregated USD balance.

Coinbase has migrated most customer accounts to use this model. Read more in the official Coinbase documentation.

Option 2: Stablecoin conversion

This mode is not enabled by default because most Coinbase accounts now use the Direct Withdrawal mode. If USDC direct withdrawals do not work in your workspace, submit a support ticket and ask to have the Stablecoin Conversion button enabled in your workspace.

1. Transfer USD or USDC to a connected Coinbase Pro account from any available source.
2. Confirm that the funds are successfully deposited in the connected Coinbase Pro exchange account.
3. In your Console, go to Exchanges.
4. Select the Coinbase Pro account with the assets you would like to convert.
5. Select Convert Stable Coin for either USD or USDC.
6. Enter the desired amount and select Convert.