Ledger hardware wallets are now supported on Coinbase with the company’s latest update. This step is in the direction of enhancing security and is going to make it easier for a lot of investors to get their coins off exchanges. For a centralized exchange, this is a very big step and is much appreciated. Do note that the support is limited to the Coinbase browser extension.
Coinbase brings ledger hardware wallets support
Security is one of the prime concerns when talking about cryptocurrencies. And with the fast growth of web3 and NFTs, it is also one of the main aspects of a good customer experience. This is why the vice-president of Ledger said, “With billions of transactions happening every month, no matter what or why you trade and hold, we believe every user deserves world-leading security and ease-of-use. Coinbase and Ledger partnering enhances this for crypto and NFT communities.”
Since the coins stored in hardware wallets are in offline mode the chances of them being hacked is zero. Yes, you have to be careful about keeping the wallet safely but that’s something that can be easily done. In the case of hot wallets on CEXs, the story is completely different as they have often been exploited by hackers and investors have lost funds. A good example of this is the Bitfinex hack in 2016 where the hacker stole 120k Bitcoins.
Coinbase said that this step is their step to empower everyone to use decentralized apps and web3 platforms. And since hardware wallets are very secure and have private keys offline, it will make sure only the owner can complete a transaction. The product manager at Coinbase explained it very well saying that using hardware wallets is more like having a 2-factor authentication with google authenticator.
This is great!
There is a popular saying in the crypto community, ‘not your keys not your coins’. Therefore, the integration of hardware wallets in Coinbase is much appreciated. In case, you also use the platform and have a lot of holdings, it will be a wise decision to invest in a hardware waller and get complete control over your assets.
What are your thoughts as Ledger hardware wallets are now supported on Coinbase? And where do you hold your coins (hardware wallet, digital wallets, exchanges)? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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