Coinbase will integrate hardware wallets, starting with Ledger
According to an announcement at the Ledger Open conference. Coinbase will integrate crypto hardware wallets, starting with Ledger
Coinbase will start integrating Ledger wallets
The partnership will be rolled out gradually, starting in the first quarter of 2022, with Coinbase's mobile app supporting Ledger hardware wallets later on. Users of the Coinbase wallet browser extension will be able to integrate their Ledger hardware wallets which allows them to control their assets. Ledger is currently one of the largest Ledger suppliers of cold hardware wallets, so this is a good start for Coinbase.Coinbase will "share more announcements on how we're making Coinbase Wallet the safest and most secure way to participate in Web 3 over the coming months," the exchange's VP of Product, Max Branzburg, said in the statement. The statement is no coincidence, as there have been many reports of hacking attacks on Coinbase users in recent weeks.
The crypto exchange is looking to improve its security
Coinbase is looking to improve its security because hackers recently stole cryptocurrency from about 6,000 Coinbase accounts after bypassing multi-factor authentication in a suspected phishing campaign. It looks like allowing users to store their assets on a hardware wallet will reduce the risk of these types of hacks. Coinbase also recently acquired Unbound Security, an Israeli crypto custody infrastructure company specializing in multiparty computation (MPC) technology to work on its security.Another reason Coinbase improves its security is the large number of users the crypto exchange currently has. The CFO of Coinbase, Alesia Haas, stated in her testimony before the U.S. House Committee on Financial Services on Dec. 8. that Coinbase holds about 12% of all cryptocurrencies in more than 150 asset types and said that cryptocurrencies are evolving beyond simple coin swaps.
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