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Coinbase continues to solidify its position as a leading cryptocurrency exchange by listing new and popular cryptocurrencies. The US-based crypto exchange listed Drift Protocol (DRIFT), a perpetual trading DEX on Solana, which soared 25% within a day after the news came out.
Drift Protocol recently had its token generation event where it airdropped tokens to eligible wallets on Solana that used the protocol in the previous months. Thanks to Coinbase, traders and investors can now access this newly-launched coin without leaving the exchange.
Coinbase’s Commitment to Innovation
Aside from consistently listing new and popular tokens, Coinbase introduces new products and features just as frequently. In a significant move to enhance Bitcoin’s transaction efficiency and scalability, Coinbase has integrated Bitcoin’s Lightning Network.
This integration made possible through a strategic partnership with Lightspark, marks a major step forward in addressing some of Bitcoin’s most pressing challenges, such as high transaction fees and slow confirmation times.
Coinbase announced that adding Lightning network “furthers our mission to build a one-second, one-cent global payments system that provides affordable access to everyday financial tools.”
The Lightning Network is a second-layer solution on Bitcoin’s blockchain that enables faster and cheaper transactions by creating off-chain payment channels. This provides Coinbase users with a seamless and cost-effective way to transact with Bitcoin, whether through deposits or withdrawals. Before adding this feature, Bitcoin transfers on Coinbase would take from 10 minutes to 2 hours, depending on network congestion.
Coinbase Account Security With Passkeys
Another innovative feature introduced by Coinbase is passkeys. This cutting-edge authentication method developed by Apple, Google Microsoft, and the FIDO Alliance is designed to enhance account security while simplifying the login process.
While passwords can be forgotten or stolen, passkeys utilize public-key/private-key cryptographic pairs that cannot be cracked. Public keys are stored securely on Coinbase servers, while private keys are stored on the user’s device. The private key is protected by the native authentication method on the user’s device like biometrics or PIN.
Passkeys cannot be reused or cracked, they are resistant to phishing attacks and are used only on specific websites to protect users from logging in to fake or malicious websites.
About Coinbase UK
Voted as the “most trusted crypto exchange in a 2022 YouGov survey, conducted in the UK, Germany, India, and the US, Coinbase is a leading cryptocurrency exchange that provides a secure platform for buying, selling, and managing digital assets.
With over a decade in the industry, Coinbase has become a household name, serving millions of users across 100 countries. Coinbase is a publicly traded company on the NASDAQ under the ticker symbol COIN. In 2021, Coinbase became the largest publicly traded crypto company in the world.
Coinbase offers a full suite of products, including:
- A self-custody wallet with multi-chain support where users can store coins, tokens and NFTs.
- An industry-leading platform for professionals (Coinbase Advanced) and beginners.
- GBP deposits and withdrawals, with fee-less bank deposits.
- Over 200 assets to trade, including Bitcoin, Ethereum and other popular coins and tokens.
- Coinbase Visa debit card that lets users spend their crypto.
- Crypto staking with various annual percentage yields depending on the coin and token.
