Bitcoin Exchange Bitstamp Partners with Bitcoin Wallet Trezor
Hackers also targeted the Bitcoin platform Instawallet earlier this year.
The Bitcoin crypto currency has witnessed a tremendous growth in adoption since its inception back in 2009.
However, this digital currency has not yet realized its full potential and probably because there are issues that has affected its widespread adoption. One of these key issues here is security.
The recent high-profile cyber-attacks targeting Bitcoin exchange platforms, including the infamous Bitfinex attack, has led to the implementation of reforms that will ensure the safety of users funds.
European Bitcoin exchange Bitstamp is the first fully licensed Bitcoin exchange in Europe.
The exchange, which is one of the biggest in the European Union, recently announced through their official website a new partnership with TREZOR, a hardware Bitcoin wallet.
TREZOR hardware wallets are made by SatoshiLabs, a digital currency company that is based in the Czech Republic.
The purpose of the partnership is basically, to make easier coordination between the Bitsamp exchange service and the TREZOR hardware wallet.
Users will be able to transfer their funds directly to offline hardware storage.
Bitstamp and SatoshiLabs are two of the most reputable companies dealing with the Bitcoin digital currency.
Bitstamp has been operating for five years and they are among the earliest bitcoin exchange.
On the other hand SatoshiLabs launched Slush Pool, the first ever bitcoin mining pool.
As such, this merger is a great news for the digital currency and is bound to be well received.
Hardware Bitcoin wallets are a lot safer and secure than online wallets. Bitcoin wallets are less vulnerable to hacking attacks.
Bitstamp announced that they have formed a partnership with SatoshiLabs that would enable Bitstamp users to transfer Bitcoins directly to TREZOR hardware wallet.
This integration also serves to improve the overall user experience of Bitstamp service through a simpler and streamlined method.
In the previous system, in order for users to transfer funds from TREZOR wallets to their Bitstamp accounts and vice-versa, they have to first move the funds to a third-party Bitcoin wallet.
This new merger will essentially eliminate this step. Bitstamp users can now move their funds to a TREZOR hardware wallet while logged onto the Bistamp website.
With embedded TREZOR accounts, Bitstamp users will be able to easily withdraw bitcoins that they have just earned.
This doesn’t only make transactions more convenient and easy, but also a lot faster without undermining the standard TREZOR security.
To promote the integration, Bitstamp has organized a weekly lottery.
The giveaway raffle is done every Wednesday; a Bitstamp user will be selected at randomly and will be awarded a free TREZOR wallet.
The only qualification to be eligible for the draw is making at least one active trade on the Bitstamp platform in the week preceding the draw.
The draws commence on October 26 and are expected to run until the end of the year.
It is important to note that this is not the only or first bitcoin security measure taken by Bitstamp.
Earlier, the Bitcoin exchange announced an integration that tethered their platform with the Blockchain Open Ledger Operating System (BOLOS).
It also enabled support for Ledger hardware wallets.
At the time, there were rumors about Bitstamp implementing TREZOR compatibility and they have proven to be true.
These seem to be steps in the right direction in offering users better control over digital assets.
With the adoption of hardware wallets, security breaches at the online exchanges would not affect the offline funds.