The new hardware wallet, Ledger Stax, comes at a time when trust in centralized exchanges is at an all-time low in the aftermath of the FTX crash.
FTX Crash Pushes Wallet Demand
French crypto security firm Ledger unveiled its latest hardware wallet, the Ledger Stax, at the company’s annual Ledger Op3n event on Tuesday. The gadget resembles a smartphone but is much smaller and lighter. It is roughly the size of a credit card and weighs lighter than a regular iPhone.
Ledger CEO Pascal Gauthier spoke about the company’s previous crypto security devices, saying,
“With the Ledger Nano™ series, we created the most successful digital asset security hardware of all time—with over 5 million sold and none ever hacked. Digital assets are increasingly about identity and digital ownership, not just crypto like Bitcoin. The time is now for a device for more mainstream users. We must not compromise on security.”
The crash of the FTX exchange and the attacks on multiple crypto firms during October have disillusioned investors about centralized platforms. As a result, there has been an increase in demand for hardware wallets where funds can be stored safely away from external threats.
iPod Of Crypto
In order to design the new device, the Ledger team partnered with Tony Fadell, the original creator of the iPod. This is another reason why the Ledger Stax is being dubbed the iPod of crypto.
Fadell spoke about designing the Ledger Stax and his thought process behind it,
“Digging into Ledger’s proven security technology and trying all the ‘best’ hardware wallets out there convinced me to build a next-gen device with Pascal, Ian and the amazing Ledger team. We need a user-friendly…no! A ‘user-delightful’ tool, to bring digital asset security to the rest of us, not just the geeks.”
Ledger Stax Product Design
Users will be able to deposit most crypto tokens on the Ledger Stax, including Bitcoin, Ether, Cardano, and Solana. The wallet even supports NFTs. The device has a high-resolution E-ink screen that allows users to manage and monitor their funds and display digital art.
Additionally, because of its magnetic nature, users can easily stack multiple devices on top of each other, which is a reference to the product name “Stax.” This stackable feature would come in handy for users who prefer to own multiple devices in order to maintain separation between their digital assets.
Chief Experience Officer at Ledger, Ian Rogers, spoke about the product design,
“We have fused the uncompromising security and self-custody culture of Ledger, with the equally uncompromising user-experience-focused culture of Tony and his team. The result is the first true, secure consumer hardware device for the revolution of value brought by blockchain technology.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.