Properly securing your digital assets, in this era of constant hacking attacks, is extremely important. The Coinbase exchange knows this and is strengthening its partnership with hardware wallet manufacturer Ledger by launching an additional security system for the Coinbase Wallet.
Customer security is paramount
As one of the largest and most popular exchanges in the world, Coinbase exchange not only focuses on cryptocurrency trading, but also wants to be famous for its user security. So far, its customers have been able to use a Chrome browser extension that is the exchange’s proprietary wallet called Coinbase Wallet. This tool allows you to store cryptocurrencies, conduct transactions based on both them and non-convertible tokens (NFTs). Now Coinbase Wallet is getting new support. By partnering with hardware wallet provider Ledger, users will be able to use the device to secure their funds stored in the browser-based wallet.
Adam Zadikoff, senior product manager at Coinbase points out that this is an extra layer of security and peace of mind for users of the exchange. In his words:
“We want to enable everyone to use DApps and give access to Web3, and that requires building the easiest to use and most accessible self-custody wallet in the ecosystem. Today’s release solves [..] the possibility of using a hardware wallet to increase security.”
According to the data available on the blockchain, it can be seen that Coinbase stores as much as 12% of all cryptocurrencies, which can amount to nearly 150 different assets. Significantly, not all of them are collected by users solely for speculative investment. CFO Alesia Haas points out that:
“Almost 50% of our transacting customers are doing something other than buying and selling cryptocurrencies, which indicates to us that cryptocurrency is moving beyond the initial investment phase to the long-awaited utility phase.”
As part of the partnership, Ledger has decided to allow the Coinbase exchange to create its own limited edition version of the popular hardware wallet. The new Ledger Nano X is expected to be available for purchase soon.
Remember to secure your digital coins
Hacking attacks popular in the cryptocurrency world have been very much in the news lately. Many decentralized finance (DeFi) protocols have already suffered as a result. However, the thefts can run far beyond smart contracts. It is therefore very important to secure the assets held on exchanges. A wide range of portfolios are available for this purpose. If you have not yet secured your funds, or are wondering which tool to use, take a look at the article titled “Cryptocurrency wallets”. Thanks to the reading you will better define your needs and you will surely find a way to secure cryptocurrencies that meets your own expectations.