Coinbase Announced Support For Ledger’s Hardware Wallet

Coinbase announced support for Ledger’s hardware wallet and the partnership will take into effect during the first quarter of 2022 with the mobile app also planning to support the wallet down the road so let’s take a closer look at today’s Coinbase news.

Major exchange Coinbase announced support for Ledger’s hardware wallet as well as other crypto hardware wallets. The two companies made the announcement at the Ledger Open conference which took place in Paris on Thursday and Friday. Ledger is the biggest supplier of cold hardware wallets that store users’ private keys that are much more secure than hot online wallets. The users of the Coinbase wallet browser extension will be able to connect the hardware wallet and maintain self-custody with full control over the assets. The partnership will be rolled out in phases starting during the first quarter of 2022. further down the road, the mobile app will also support hardware wallets such as Ledger.

Max Branzburg the vice president of product at Coinbase added:

 “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.”

In the meantime, the Coinbase chief financial officer Alesia Haas made a few big statements in her testimony to the US states house committee on financial services and claimed that the exchange stores about 12% of the crypto coins across more than 150 asset types and said that crypto was moving even beyond the simple coin swaps:

“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.”

Coinbase claims to have more than 73 million customers worldwide with 10,000 institutions and 185,000 application developers. Also, as reported recently, After being elected a DAO delegate for the Ethereum Naming Service, the US crypto exchange coinbase finally submitted its first protocol vote. Coinbase voted in favor of the new airdrop and the DAO delegate is an entity that has been given ENS tokens to serve as the representative for best interests in the ENS community so instead of individual ENS holders voting one by one on different issues, the bigger entities or sector experts are able to pool votes.