Sunday, December 4, 2022

Coinbase Launches Ethereum and Litecoin Cold Storage Vaults

Coinbase Launches Ethereum and Litecoin Cold Storage Vaults

Major cryptocurrency exchange and wallet provider Coinbase has announced the launch of Ethereum and Litecoin Vaults. With this new product, the company said these currencies now have the same level of secure storage as Bitcoin.

Also read: Google ‘Accepts’ Bitcoin With Payments API Update

Vault Storage for All Supported Cryptocurrencies

coinbaseThese vaults are available for all Coinbase customers, and come with security features such as 48-hour withdrawal delays and email approvals.

The company said in a blog post that its goal in having the Bitcoin, Ethereum and Litecoin vaults is to prove that cryptocurrency users can have both convenience and security when storing their coins. The vaults give “customers the best of both worlds,” Coinbase said.

According to Coinbase, cryptocurrency kept in these vaults are stored in secure safe deposit boxes and physical vaults. In addition to the physical security, the vaults come with two-factor authentication, email approvals on withdrawals, and time-delayed withdrawals that create a window of time to cancel a transaction.

The company’s blog post said users can open and manage Ethereum or Litecoin vaults through their accounts, just like with Bitcoin.

Coinbase Continues Expanding its Horizons

The Ethereum and Litecoin vaults come months after Coinbase added support for the altcoins to their platform, generating a lot of discussion in the community. Coinbase, which had previously been Bitcoin-exclusive, first added Litecoin when the block size debate reached a fever pitch in early 2017.

Then, shortly after, the company added support for Ethereum when the cryptocurrency saw an explosion in its price.

Furthermore, when the Bitcoin blockchain split into Bitcoin Cash in August, Coinbase notified the community that it would begin working on adding support for Cash, although not right away. As of press time, Bitcoin Cash is still not supported on the Coinbase platform, although the company did store split coins for users that had Bitcoin balances at the time of the fork.

Will you use an Ethereum or Litecoin vault? Share your thoughts in the comments below.

Images via Pixabay, Coinbase

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