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Coinbase adds support for Ledger hardware wallets

Coinbase has announced it is adding support for Ledger hardware wallets to the Coinbase Wallet extension, providing an additional layer of security and greater peace of mind for our users.

The move follows the “incredible adoption” since launching the Coinbase Wallet browser extension as a standalone self-custody option in November 2021. The extension allows users to explore web3 by bringing the world of decentralized apps (dapps) to more devices.

Ledger boasts 4 million customers

Ledger is a specialist in hardware wallets with more than 4 million customers. Ledger will release the Nano X Coinbase Edition, made available for a limited time in Ledger’s online store.

Coinbase Wallet allows customers to collect NFTs, participate in DeFi, and join a DAO, among other tools and features for crypto enthusiasts.

Wallets help users to keep assets safe and the one launched by Coinbase offers additional layers of security, according to the cryptocurrency exchange.

“For users of Wallet browser extension, we recommend adding a password to keep your assets safe. And in the Coinbase Wallet mobile app, you can use biometrics or a PIN to secure your Wallet.”

Adding support for Ledger hardware wallets in the Coinbase Wallet browser extension introduces an additional security option for users.

“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.”

Ledger also partnered with FTX

FTX, one of the world’s leading cryptocurrency exchanges, has also partnered with popular hardware wallet and gateway to Web3, Ledger.

Ledger’s self-custody application will have access to FTX’s liquidity, leverage, and trading options, thus enabling users in 150 countries to trade across 300 digital asset pairs with complete control of their funds.

The partnership solves one of the ongoing dilemmas for crypto investors: where your assets are accessible and where they are safest. Hardware wallets are usually considered the most secure option, but they make transactions an unwelcomed extra step.

Sam Bankman-Fried, Founder and Chief Executive Officer at FTX, said: “This is an important innovation in crypto trading. Investors are looking for increased security and self-custody solutions without sacrificing liquidity, leverage and trading options. The partnership between FTX and Ledger addresses this pain point for the marketplace, by providing quick access to trading while assets remain fully secure.”

Pascal Gauthier, Chief Executive Officer at Ledger, commented: “Ledger is the #1 choice for serious crypto investors. More than 15% of all crypto assets are secured by the more than 4 million Ledger Nanos sold since 2014. In the past, they would need to move their assets to an exchange, trade, and move back again. Now serious traders and investors can do everything right from the security of their Ledger Nano.”

Deposit to and withdrawal from the FTX platform has become easy and speedy for the benefit of Ledger Live users, who will gain access to over 300 trading pairs, including BTC-ETH, BTC-SOL, while using the hardware wallet.

 

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