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- Coinbase wallets can now be connected to Ledger hardware wallets
- The partnership is set to roll out in phases, the first one being in Q1 2022.
- Coinbase holds & is used to transact 12% of all crypto
As the markets bloom and appeal to various soughts, major exchanges and crypto-centric companies are focussing on doubling down on security and introducing different ways to keep their users safe, with such intentions popular exchange coinbase introduced new partnerships to help their users be aware & safe from thefts & frauds.
The exchange recently announced that it has partnered with Ledger hardware wallets to bring the support of hardware wallets to its users, Both the companies made & acknowledged their partnerships at the ledger open conference happening in Paris.
Ledger hardware wallets happen to be the major supplier of cold hardware wallets which helps users store their private key more securely in contrast to software wallets. They’re applications installed in your computer or smartphones used to keep your private keys secure in a flash drive or local drive. Whereas hardware wallets are specifically designed to keep your keys secure in a piece of hardware.
Cold storages require one to plug in their computer or device to access your digital currency, once accessed the keys are saved onto the hardware and removed from the online servers. In exactly the same fashion, coinbase wallet browser extensions will be able to connect their ledger wallets to store their keys.
The partnership will roll out itself in the majors of an extension of the site in Q1 2022 with further plans of launching ledger hardware wallets into the coinbase mobile application. The vice president of products at coinbase, Max Branzburg stated & expressed his excitement over the announcements on how the company was planning to make coinbase the safest & most secure place to engage with web 3.0.
The chief financial officer at the same firm, Alesia Hass was seen quoting big statements in her testament to the United States House Committee on financial services. Haas pointed out that the exchange stored & helped users transact with 12% of all crypto assets ranging across 150 types making the exchange much more than just a coin swap palace.
She was also found stating that over 50% of coinbase users were engaged in transactions other than just buying & selling of tokens which also consequently meant the maturity of cryptocurrencies moving beyond their initial investment phase and entering into a long-expected utility phase.
As the markets reach further parts of the world, it is obvious that exchanges are expected to take such lucrative steps to keep their users safe from fraudulent activities.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
