Benzinga | Dec 9, 2021 09:52PM EST

Coinbase Will Integrate Hardware Wallet Ledger In Q1 2022

U.S.-based crypto exchange Coinbase Global Inc (NASDAQ:COIN) plans to allow its user to self-custody their crypto assets.

What Happened: Coinbase and cryptocurrency hardware wallet maker Ledger have entered a partnership, according to a Thursday press release shared with CoinDesk.

Coinbase will integrate Ledger's hardware wallets into its Coinbase Wallet browser extension so users can move funds into cold storage.

A later part of the integration will see Coinbase's mobile app also integrated into Ledger hardware wallets.

One of the main advantages of holding cryptocurrency in a hardware wallet is the ability of users to be in control over their own coins. Even in the event a crypto exchange is hacked and its hot wallet compromised, an individual user who stores funds off-chain would not be affected.

Max Branzburg, vice president of product at Coinbase said in a statement: "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."

Earlier this year, Ledger completed a $380 million Series C raise at a $1.5 billion valuation. The company estimates it secures 15% of all cryptocurrency assets globally and has sold more than three million hardware wallets across 190 countries to date.

Price Action: As of Thursday morning, the leading digital asset Bitcoin (CRYPTO: BTC) was trading at $48,462.64, down 3.77% in the last 24 hours.

Photo by Jeremy Bezanger on Unsplash