RATE Group | Coinbase completes on-chain migration of $5 billion worth of cryptocurrency
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Coinbase completes on-chain migration of $5 billion worth of cryptocurrency

20 Dec Coinbase completes on-chain migration of $5 billion worth of cryptocurrency

Posted at 05:52h in Cryptocurrency News by

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Coinbase

The cryptocurrency industry is evolving and is still in its nascent stage. While there is a certain amount of consensus about the possibilities it offers for the financial sector, there is still a great amount of skepticism regarding the security aspect. Addressing this need of security, Coinbase successfully completed an on-blockchain migration of approximately $5 Billion of cryptocurrency from Generation Three to Generation Four of its cold storage infrastructure. The San Francisco-based exchange made this news public in its Medium blog on Wednesday.

As per the blog, “The migration included 5 percent of all Bitcoin, 8 percent of all Ethereum, and 25 percent of all the Litecoin in circulation, respectively.”

The blog adds:

“Coinbase’s standard for truly cold storage is that multiple geographically separated humans in the real world should be forced to perform physical actions to enable a transaction…

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