According to online news sources, the cryptocurrency exchange giant, Coinbase, is reportedly going to integrate with the hardware wallets of Ledger. With this move, the company is aiming to provide the users with more options for full control and self-custody of their cryptocurrencies.
Ledger is a premier cold hardware wallets supplier. These hardware wallets store the private data of the users more securely than online wallets. Software wallets are widely known to be more susceptible to crypto-hacking. When the user is connected to the internet, hackers can easily install malware that compromises the security of the wallet. In hardware devices like Ledger wallet, the crypto coins are stored away in a physical device which makes it impossible for hackers to have access to them.
The announcement about the integration was made at the Ledger Open Conference on December 9, 2021. This conference is taking place in Paris and will continue till 10 December. As per the reports, the integration with Ledger is supposed to be rolled out in several phases in the first few months of 2022. It has been found that the Coinbase-Ledger partnership will start out with a browser extension for the Coinbase Wallet. This will be connected to the Ledger hardware wallets. In the future plans of the integration, the company is also planning to connect the Coinbase mobile app with the hardware wallets.
The Vice President of Coinbase, Max Branzburg, recently gave an interview in which he said that the company will come out with further announcements soon. He added that the company is working hard to make the Coinbase Wallet more secure and safe. By taking these steps, it plans to empower the users to participate in Web 3 in the coming months.