Rub shoulders with leading experts and industry disruptors at TNW Conference →

The heart of tech

This article was published on January 15, 2014


Coinbase adds two-factor security for when users send more than $100 of Bitcoin

Coinbase adds two-factor security for when users send more than $100 of Bitcoin
Jon Russell
Story by

Jon Russell

Jon Russell was Asia Editor for The Next Web from 2011 to 2014. Originally from the UK, he lives in Bangkok, Thailand. You can find him on T Jon Russell was Asia Editor for The Next Web from 2011 to 2014. Originally from the UK, he lives in Bangkok, Thailand. You can find him on Twitter, Angel List, LinkedIn.

lock-crop

Security remains a major pain point for Bitcoin — as a number of hacks on companies involved with the virtual currency prove — and that’s led Coinbase, the most heavily funded Bitcoin startup out there, to beef up its measures.

The company has extended its two-factor authentication security process when sending over $100 in Bitcoin (for both individual transactions and cumulative tallies over 24 hours). It is also adding the additional security layer when users make recurring sends, enable/disable their API key, and change their password/phone/Google authenticator or SMS pin number.

Coinbase — which uses ‘cold storage’ security to keep 97 percent of its users’ Bitcoins offline to help prevent hacking — says it has “two or three other projects in the pipeline” to help increase the safety for its 650,000 users and their Bitcoin troves.

➤ Security updates on Bitcoin [Coinbase]

Image via Pavel  / Shutterstock