Bitcoin and cryptocurrency wallet maker Ledger has announced a new wallet designed by former Apple engineer Tony Fadell called the Ledger Stax. The wallet uses E Ink technology on a small enclosed rectangular screen that looks like a smartphone.
The device works like other Ledgers, allowing users to store bitcoin and many other cryptocurrencies offline in a cold room. The front of the device has a customizable screen that can display photos or NFTs depending on the device’s product page.
Ledger Stax is priced at $279, with an expected shipping date of March 2023, and the device is already available for pre-order. It’s also available at Best Buy stores, as the electronics store currently stocks the Ledger Nano S Plus and Nano X devices.
Ledger Stax is designed to present a premium product that goes beyond the simple Ledger Nano S, which is small and has functions similar to a USB drive. It is also timely for the company, as many are rethinking their desire to hold onto their cryptocurrency following the massive crash of the FTX exchange and the subsequent loss of billions of user assets on the exchange. In fact, in response to questions from Fortune Crypto, a company spokesperson confirmed that the Ledger had its best selling days in November.
Fadell further described his reasoning to Fortune Crypto, saying: “We need an easy to use tool, no, a ‘usable’ tool to bring digital asset security to the rest of us, not just geeks.” Fadell said.
While there are discussions within the broader Bitcoin Maximalism community about the use and promotion of altcoin-friendly wallets, more users practicing self-custody rather than relying on a custodian can be seen as a pure educational benefit to the ecosystem and something Okay. Theory: A well-designed device with appearance can attract more people to the concept.
Enterprise projects that now have their own active blockchains and cryptocurrencies (such as Tron and OmiseGo) would launch as tokens on Ethereum and thus provide new technology.
Challenge
The most recent wave of network innovation, decentralized finance (DeFi), has found entrepreneurs using Ethereum to create protocols that replicate traditional financial services.
These have included projects like MakerDAO, which designed a protocol that decentralizes the management of a cryptocurrency pegged to the US dollar. Other DeFi projects have sought to automate and decentralize financial services
Frequently Asked Questions
If I lose my Ledger Stax, will my cryptos also be lost?
No, you will always be able to access, manage and recover your crypto with the Secret Recovery Phrase. Just get another Stax Ledger or any other Ledger and regain access to your accounts using the Secret Recovery phrase.
Why should I use Ledger Stax instead of an exchange to store my cryptos?
Software wallets store your private keys on a system or device that is directly connected to the Internet, making them more susceptible to all kinds of attacks. Keeping your crypto on an exchange means entrusting the private keys to a third party without having any control over your funds. Ledger Stax stores your keys offline on a Secure Element chip providing total isolation to give you complete control over your assets.
Can my funds be stolen if someone has access to my Ledger Stax?
No, if someone steals your Ledger Stax, they won’t be able to access it without first knowing your PIN. Since Entering the wrong PIN three times in a row will automatically reset your Ledger Stax to its factory settings.