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Coinbase’s partnership with Ledger will allow its users to get an additional layer of security for its digital assets in DApps, DeFi and NFTs.
On Tuesday, February 22, Coinbase, the largest cryptocurrency exchange in the United States announced its partnership with Ledger, a popular crypto hardware wallet.
This is an attempt by Coinbase to offer secure storage solutions to its users as the crypto token utility expands into the world of Web3 with NFTs, DeFi and DAO. Adding the support of the Ledger hardware wallet to Coinbase wallet extensions will provide an additional layer of security to users.
Coinbase and Ledger
Ledger has been an industry leader when it comes to making crypto hardware wallets. More than 4 million crypto users worldwide trust Ledger to keep their digital assets safe. As part of the partnership, Ledger will be releasing the Nano X Coinbase Edition wallet. In its official blog post, Coinbase mentioned:
“Building the most user-friendly self-custody experience in crypto means giving our users more ways to keep their crypto secure while they access web3 and the world of crypto. And today’s launch is just the beginning — we will continue to build out support for more hardware wallets across all of our users’ devices”.
Making Web 3 Secure
As new Web 3 applications in the crypto space continue to come at a rapid pace, the utility of crypto tokens has expanded to NFTs, DeFi, and DAO.
Thus, as we explore further into Web3, it is important to have better security for our crypto assets. The fundamental step starts from the recovery phase, backing it via a secure location and never sharing it with anyone.
With the recent development, the Coinbase Wallet browser extension will also support the Ledger hardware wallet. The hardware wallets provide an additional layer of security with respect to cold storage or offline storage. These are basically physical devices that store the private keys to their crypto wallets offline.
Since every transaction on a blockchain requires a user’s public and private keys, a hardware wallet will ensure that only users using a physical device can complete the transaction. Speaking of the development, Charles Hamel, VP Product at Ledger said:
“This new feature gives Coinbase users a world-leading security option and peace of mind when holding their crypto and NFTs.”
Coinbase said that even first-time hardware wallet users can easily use the Coibase Wallet to connect with the rapidly growing world of DApps, DeFi and NFTs.