The largest global and publicly listed crypto exchange Coinbase is integrating support for hardware wallets. Brian Armstrong, the CEO of Coinbase announced in a recent tweet that the support will be available by end of this month.
Coinbase so far had support for both hosted wallets and self-custodian crypto wallets on its platform and with this announcement, Coinbase is furthering its support for the most secure wallet type which is a hardware wallet. Coinbase had first announced this in Dec 2021 and it is now coming live later this month. starting with support for Ledger wallet, the most popular and secure hardware wallet in the industry right now.
What is a crypto wallet and why it is important?
A Crypto wallet is a place where crypto holders can securely store their cryptos. Hosted wallets, non-custodial wallets, and hardware wallets are among the most popular types of wallets in the industry. It does not actually store your crypto tokens, your tokens live in blockchain but it stores the private key with which you access your tokens. If you lose your private keys, you lose access to your tokens stored in the blockchain, and hence crypto wallets are very important.
Read more about crypto wallets here - Top 10 crypto wallets in 2021
What is hardware Ledger wallet?
Ledger is a leading player in the hardware wallet space and it provides cold hardware wallets, which allow users to store private keys more securely than hot online wallets. It is a physical device, about the size of a thumb drive. Most people don’t use hardware wallets because of their increased complexity, cost, and fear of losing them but at the same time, there is no more better and secure way to save your private keys from hackers.