- Now customers of the Coinbase crypto exchange will be able to store money on Ledger hardware wallets
- The option works through a proprietary extension in the Chrome browser
- This will significantly increase the security of accounts
The largest US crypto exchange Coinbase has announced integration with Ledger. The new option will work through the Wallet App browser extension.
Coinbase explained that this move is dictated by the trend towards decentralized applications and NFTs:
“Web3 has no future if it doesn’t guarantee security from the start. Every month this sector shows billions of transactions. It doesn’t matter if you are trading or just holding crypto assets. Every user must be safe. Our partnership with Ledger will improve the security of cryptocurrencies and NFTs.”
Recall that Ledger is one of the top manufacturers of hardware wallets. Such wallets allow you to store private keys not on the network, but on a physical medium. They look like flash drives.
Each transaction on the blockchain requires the user to enter public and private keys. Coinbase explains that with a hardware wallet, an exchange client will be at % I am sure that no one will conduct a transaction from his wallet without a device.
“This is similar to the procedure for two-factor authentication when entering a site. But now there will be no need to enter a six-digit code, wait for an SMS or use an authenticator application. All transactions will be confirmed by the hardware wallet.”
This is not the first joint project of Coinbase and Ledger. In December, they released a plastic card with support for crypto payments. Read also: 7 reliable cryptocurrency wallets