Leading cryptocurrency exchange Coinbase claims to have completed largest ever on-blockchain migration. Coinbase moved a whopping sum of $5 Billion (valued as per Dec 7, 2018) to their fourth generation of cold storage.
The official blog post says Coinbase moved 5% of all Bitcoin, 8 percent of all Ethereum and 25 % of all the Litecoin in circulation. Teams at Coinbase conducted risk assessments, built monitoring plans and conducted test migrations.
According to the head of security at Coinbase, Phillip Martin, the migration took four months to plan. To prevent hackers from planning and executing any kind of attack, Coinbase kept the movement discreet.
Furthermore, to ensure the security of the customer funds, Coinbase executed one by one restoration of existing cold storage addresses. The next transfer took place only after the completion of the previous transaction. The process lasted for four working days but promised security of cryptocurrency. The platform claims to keep 98% of its user funds in cold storage.
The fourth generation cold storage system focuses on providing secure, auditable, asset-agnostic cold storage for the cryptocurrency.
On 21st December Coinbase also announced that it is expanding its services to six more European countries apart from its existing user base of 33 countries. The cryptocurrency exchange is now also operational in Lithuania, Iceland, Isle of Man, Guernsey, Gibraltar, and Andorra.