- Crypto asset security firm launches hardware wallet Ledger Stax the size of iPod.
- Users can connect with their laptop/phone, and it supports various cryptos and NFT.
- After FTX collapsed, experts urged crypto investors to embrace self-custody more.
Tony Fadell, a former Apple engineer who designed iPod, has created a new hardware wallet for people to store their cryptocurrency in collaboration with the French startup Ledger. The crypto asset security firm launched the product last Tuesday at the annual Ledger Op3n event.
Notably, this launch came when trust in centralized crypto platforms was fading due to the collapse of FTX, a crypto exchange that used to be the second largest asset manager after Binance.
The security firm named the hardware wallet Ledger Stax, which resembles a small smartphone, measuring 85 millimeters long and 54 millimeters wide. Users can deposit or exchange a range of tokens, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and nonfungible tokens (NFTs). Additionally, users can connect it to their laptop through a USB cable or their phone via Bluetooth.
By the end of October, the largest crypto marketplace, Binance, announced a partnership with a digital asset security provider NGRAVE, to provide maximum security solutions for crypto users, including creating keys and advanced key recovery. Binance pledged to make a strategic investment in the upcoming Series A round of funding of the hardware wallet maker.
Furthermore, the non-custodial fiat-to-crypto infrastructure, RampNetwork, partnered with two businesses, Argent and ZigZagExchange, to show crypto users how to take complete control of their cryptocurrency investments.
Due to the FTX event, experts have advised crypto users to embrace crypto self-custody to limit exposure to centralized digital asset managers.
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