Coinbase is the largest crypto-currency exchange in the United States, which, in addition to its day-to-day business, is always innovative in the expansion of its own infrastructure and technical resources. A few days ago Coinbase moved large quantities of Bitcoin, Etheereum and Litecoin to a cold wallet.
Coinbase successfully transferred more than $5 billion worth of digital currencies. According to the company, more than 5 percent of all BTCs, 8 percent of all ETHs and 25 percent of all LTCs in circulation were successfully transferred to a cold wallet. Security is Coinbase’s top priority (freely translated):
Our most important responsibility is the security of the assets that our customers entrust to us. The gold standard for the security of crypto currency resources is offline or cold asset storage. Coinbase stores 98% or more of our customers in our Cold Asset Storage
Coinbase continues to work to make the system as secure as possible and to directly rebuff hackers so that they don’t even try to crack the company’s systems. Coinbase has introduced the fourth generation cold storage system that uses “strictly controlled key generation processes” and a “globally distributed” system to store private keys. The goal is to offer the highest possible security on the market and to provide simple but very secure storage functions for all asset classes (freely translated):
We can store each crypto currency on the same system without compromising the security level of each crypto currency.
In insider circles there was a heated debate that Coinbase could prepare a big sell-off. This major move had already been planned for several months. However, in order to prevent panic on the market, Coinbase had pointed out with a short but understandable tweet that the process would be carried out quickly. This step represents another milestone for Coinbase after a number of new features that have been implemented in recent months. These include the introduction of an OTC trading desk and the integration of new ERC20 tokens on Coinbase Pro. Furthermore, credit can be paid out to a PayPal account.