Coinbase announced that it has moved “5% of all BTC, 8% of all ETH, and 25% of all LTC in circulation” to its secure cold storage last month. The announcement came in the form of a tweet from the company’s official Twitter handle on 20th December.
Earlier this month, Coinbase moved 5% of all BTC, 8% of all ETH, and 25% of all LTC in circulation to our next-gen secure cold storage. Here’s how we did it. https://t.co/8TJ6S97BnW
— Coinbase (@coinbase) December 19, 2018
The company needs no introduction amongst members and enthusiasts of the cryptocurrency industry. Despite the bearish coin market of 2018, the San-Francisco company has still retained its valuation of billions, making it clear just how important the company has become to the industry as a whole.
The company wrote on its Medium page that it was quite possibly the “largest crypto migration on record”. Exuding confidence from its recent success while other exchanges are struggling to keep themselves afloat right now, Coinbase said that they had been preparing for the move for quite some time and that this wasn’t a sudden occurrence. Specifically, the post stated that the company “conducted risk assessments, honed monitoring plans, and conducted test migrations until we were positive that the live migration would go off without a hitch.”
The company’s growth has been somewhat of a rough ride, but a steep one. In 2012, the company simply stored all the physical keys in a safe deposit box when it said that they were in “cold storage”. Coinbase has grown a lot since then, however, and so has its definition of cold storage.
The company explained that at present, they use Coinbase Custody which is a secure foundation with a highly controlled and audited key generation process and continue with a globally distributed key storage and transaction approval system.
It is clear that the company is very proud of what it has been doing over the years and the big move that happened due to its effort over the years to come out on top has not been taken lightly. As such, the company has seen a reason to celebrate its success just a little and finished the Medium blog post by putting out a job offer to anyone willing to help “keep the exchange as secure as possible.”