Coinbase Announces Ledger Hardware Wallet Support
Coinbase users will be able to self-custody their crypto assets with Ledger hardware wallets.
Key Takeaways
- Crypto exchange Coinbase has announced plans to support hardware wallets, starting with Ledger.
- The integration will be rolled out in phases, beginning Q1 of 2022.
- According to CFO Alesia Haas, Coinbase stores roughly 12% of all crypto assets on the market.
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Coinbase plans to integrate Ledger hardware wallets from Q1 of 2022.
Coinbase to Offer Users More Self-Custody Options
The largest U.S.-based crypto exchange, Coinbase, has partnered with hardware wallet maker Ledger to offer users more self-custody options for their crypto holdings.
According to a Thursday press release, users of the Coinbase browser extension wallet will be able to move and store their crypto assets in cold storage using Ledger hardware wallets starting Q1 of 2022. The integration will allow Coinbase customers to self-custody their assets and maintain complete control over them.
Ledger is one of the largest suppliers of hardware wallets on the market. Hardware wallets are considered one of the safest ways for storing crypto assets. They allow users to keep the private keys needed to spend crypto assets in “cold storage”—an air-gapped environment that is in no way connected to external devices or the internet.
Commenting on the partnership with Ledger in the press release, Coinbase VP of product Max Branzburg said:
“Coinbase is committed to enabling users around the world to safely use their crypto across the Web3 ecosystem. That’s why we’re partnering with Ledger to build support for hardware wallets into Coinbase Wallet. We’ll start rolling out support for hardware wallets in the Coinbase Wallet Extension early next year, and we’re excited to share more announcements on how we’re making Coinbase Wallet the safest and most secure way to participate in Web3 over the coming months.”
Over the last year, Coinbase has started expanding its product line to capture the growing niche of users that want to do more with their crypto assets than merely holding or spending them.
During Wednesday’s congressional hearing on crypto assets, CFO Alesia Hass said that the company stores roughly 12% of all crypto assets on the market and that crypto was moving in a new direction. She said:
“Nearly 50% of our transacting customers are doing something other than buying and selling crypto, which indicates to us that crypto is moving beyond its initial investment phase into the long-expected utility phase.”
In November, Coinbase released a standalone browser extension wallet to adapt to this changing environment. The company is now taking it a step further by adding hardware wallets integration through partnership with Ledger.
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