Coinbase’s collaboration with Ledger will provide its users with an additional degree of protection for their digital assets in DApps, DeFi, and NFTs.
Coinbase, the largest cryptocurrency exchange in the United States, announced a partnership with Ledger, a popular crypto hardware wallet, on Tuesday, February 22.
Coinbase is attempting to provide secure storage solutions to its consumers as the crypto token utility grows into the Web3 world with NFTs, DeFi, and DAO. The addition of support for the Ledger hardware wallet to Coinbase wallet extensions will give users with an additional degree of security.
Ledger and Coinbase
When it comes to crypto hardware wallets, Ledger has long been a market leader. More than 4 million cryptocurrency users worldwide rely on Ledger to safeguard their digital assets. Ledger will release the Nano X Coinbase Edition wallet as part of the collaboration. Coinbase stated in its official blog post:
“Creating the best user-friendly self-custody experience in crypto involves providing our consumers with more methods to keep their crypto secure when accessing web3 and the crypto world.” And today’s launch is only the beginning; we will continue to provide support for more hardware wallets across all of our users’ devices.”
Making Web 3 Safe
The utility of crypto tokens has spread to NFTs, DeFi, and DAO as new Web 3 applications in the crypto arena continue to emerge at a rapid rate.
As we delve deeper into Web3, it is critical that we improve the security of our crypto assets. The primary stage begins with the recovery process, which includes backing it up to a secure location and never sharing it with anyone.
The Coinbase Wallet browser extension will now support the Ledger hardware wallet, thanks to recent developments. Hardware wallets give an additional degree of security to cold storage or offline storage. These are essentially physical gadgets that keep the private keys to their cryptocurrency wallets offline.
Because every transaction on a blockchain necessitates the usage of a user’s public and private keys, a hardware wallet ensures that only users with a physical device can complete the transaction. In response to the news, Charles Hamel, VP Product at Ledger, stated:
“With this new feature, Coinbase users now have a world-class security alternative and peace of mind when holding their crypto and NFTs.”
According to Coinbase, even first-time hardware wallet users may quickly connect with the fast increasing world of DApps, DeFi, and NFTs via the Coibase Wallet.