Coinbase will start implement hardware wallet support in the Coinbase Wallet Extension in early 2022. Ledger partnered with FTX and made other prominent announcements.
Coinbase, the leading cryptocurrency exchange in the United States, is working to add support for hardware wallets.
The company announced this Thursday that it will integrate its platform with devices Ledger after signing an alliance with the wallet manufacturer. The initiative will offer users of Coinbase more self-custody options for your digital currency funds.
The purses hardware, also known as cold wallets, are USB-like devices that operate without an Internet connection allowing users to store their cryptocurrency private keys securely. By keeping cryptographic keys off-line (offline), funds are less prone to theft by hacks or cyber attacks.
Coinbase to integrate Ledger wallet
According to a press release that was quoted by various news outlets, users of the browser extension wallet Coinbase they will be able to move and store their cryptocurrencies in cold storage using hardware wallets Ledger from 2022. The integration will take place in phases during the first quarter of next year.
The announcement was made during the conference Ledger Op3n, which is being held this Thursday in Paris. During the event, Max Branzburg, Vice President of Product at Coinbase, announced that the exchange is developing support for hardware wallets directly within its non-custodial wallet, called Coinbase Wallet (which is distinct from the main exchange’s wallet offering).
The official Twitter account of Ledger, who reported the news, quoted the CEO of Coinbase, Brian Armstrong: “Self custody is the future“.
BREAKING: At Ledger, we offer # Web3 hardware for a Web2 world. @Coinbase CEO @brian_armstrong said, “self custody is the future.”
It’s no secret they are investing in their software wallet. We are very proud to announce the @Coinbase software wallet is adding @Ledger support!
– Ledger (@Ledger) December 9, 2021
This will be the first time that the popular exchange provides support for a hardware wallet, which could mean that in the future the offer will be extended to other brands such as Trezor. As quoted The BlockBranzburg said the integration will start with the browser version of your wallet, as opposed to your mobile app. The vice president also commented in the statement:
Coinbase is committed to enabling users around the world to use its crypto securely throughout the Web3 ecosystem. This is why we partnered with Ledger to create hardware wallet support in Coinbase Wallet.
“We will begin rolling out hardware wallet support in the Coinbase Wallet Extension early next year, and we are excited to share more announcements on how we are making Coinbase Wallet the safest way to participate in Web3 in the coming months.Branzburg added.
Ledger also partnered with FTX
Ledger It also indicated today that it has partnered with other companies in the cryptocurrency space. The announcement of partnership with Coinbase It was part of a series of announcements the wallet maker made during its conference this Thursday.
Among the news, Ledger said he has partnered with the exchange FTX to expand internal digital asset trading options on its platform Ledger Live. As a result, the owners of Ledger will now be able to transfer assets to the exchange through Ledger Live from your hardware wallet and continue to perform operations within the application.
Although, it should be noted that operations through this service will be more expensive, since Ledger adds a small fee for transactions made this way, as indicated The Block.
The integration with the exchange occurs a few months after Ledger will add support for the decentralized finance protocol (DeFi), ParaSwap, which allows users of Ledger Live to exchange tokens on the blockchain Ethereum. ParaSwap is a decentralized exchange (DEX) aggregator that supports various DeFi protocols, including Uniswap, Sushiswap Y Curve.
The hardware company also made other announcements Thursday, including a new partnership with the hardware market. tokens non-expendable (NFT) Rare, and the launch of a crypto debit card Visa.
Meanwhile, Coinbase it is also leading efforts to expand its product line. In November, the exchange launched a wallet browser extension and is now preparing to launch its own NFT trading platform.
Article by Hannah Estefanía Pérez / Daily bitcoin
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