Coinbase Starts Supporting Hardware wallet Ledger
Popular cryptocurrency exchange Coinbase has announced that it intends supporting cryptocurrency hardware wallets, beginning with Ledger. The statement was made by the two firms at the Ledger Open conference, which is being held in Paris on Thursday and Friday.
Ledger is a prominent producer of cold hardware wallets, which are more safer than hot web based wallets in storing users’ private keys. Customers of the Coinbase Wallet browser extension will be able to attach their Ledger hardware wallets, allowing them to retain self-custody and sole control over their funds.
The collaboration will be implemented in stages, beginning in 1Q22. In the future, the Coinbase mobile app will enable Ledger hardware wallets. “We’re pleased to make further updates on how we’re making Coinbase Wallet the safest and most reliable method to engage in Web3 over the months ahead,” said Max Branzburg, vice president of product at Coinbase.
Nevertheless, Coinbase CFO Alesia Haas made some significant remarks during her hearing to the United States House Committee on Financial Services on Wednesday. She claimed that Coinbase holds around 12% of all cryptocurrency across over 150 asset types and that cryptocurrency was progressing beyond basic coin trades.
“Nearly half of our transactional clients are doing more than just buying and selling crypto, indicating to us that crypto is going past its initial investment stage and into the long anticipated utility stage,” she added. Coinbase claims more than 73 million clients worldwide, including 10,000 institutions and 185,000 app developers.