Coinbase Integrates Crypto Hardware Wallet Ledger

Coinbase Global Inc COIN has announced support for Ledger, marking the crypto exchange’s first hardware wallet integration.

What Happened: In an announcement on Wednesday, Coinbase said it added support for Ledger hardware wallets to the Coinbase Wallet extension to provide an additional layer of security for users.

“Hardware wallets are physical devices that store the private keys to your crypto wallet offline. Because every transaction on the blockchain requires both a user’s public and private keys, a hardware wallet ensures that only the user who holds the physical device can complete a transaction,” explained Coinbase in a press release shared with Benzinga.

Ledger is one of the largest hardware wallet manufacturers in the industry, with a customer base of over 4 million users across the globe. The Nano X hardware wallet was introduced in 2014 and offers support for over 1,800 crypto tokens, including Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD.

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As part of the partnership, Ledger will release a limited edition hardware wallet titled “Nano x Coinbase Edition” on its online store.

“Whether you are a first-time hardware wallet user or already have a Ledger, it is easy to use Coinbase Wallet to connect to the ever-growing world of NFTs, dapps, and DeFi,” said Coinbase’s senior product manager Adam Zaikoff.

Coinbase said that integrating Ledger hardware devices with Coinbase Wallet is only the beginning. The crypto exchange expects to add support for additional types of hardware wallets to Coinbase Wallet and its mobile applications.

Price Action: Coinbase shares are down 0.96% on Wednesday afternoon, trading at $206.94.

Photo by Jeremy Bezanger on Unsplash