Coinbase, the largest crypto exchange in the United States as per trading volume, has unveiled support for the most popular crypto hardware wallet, Ledger.
The Ledger hardware wallet will grant Coinbase Wallet users an added level of security and is now available via the Coinbase Wallet browser extension.
What is a Crypto Hardware Wallet:
Hardware wallets like Ledger’s provide physical devices that will store the user’s crypto wallet’s private keys offline instead of storing them online. This empowers the user to have complete control rather than the exchange, as without the private keys on the hardware wallet, funds cannot transfer in our out of the wallet or account.
Adam Zadikoff, who is senior product manager at Coinbase stated “Using a hardware wallet is a lot like using two-factor authentication to secure a website login, but instead of a six-digit code that is sent as an SMS or generated in an authenticator app, your hardware wallet is used to physically confirm transactions with the press of a button”. Coinbase also stated “We want to empower everyone to use DApps and access Web3, and that requires building the easiest-to-use and most accessible self-custody wallet in the ecosystem. Today’s release solves the ability to use a hardware wallet for enhanced security”
Adding onto the launch, Ledger and Coinbase released a limited edition Ledger Nano X hardware wallet that is Coinbase branded and now available on Ledger’s website. Adding hardware wallets for security will offer additional security and some piece of mind for crypto enthusiasts and users as the crypto and NFT world has encountered some recent hacks and malware intrusions on major platforms all while the Non-Fungible Token (NFT’s) and Decentralized Finance (DEFI) ecosystems are growing rapidly.