Ledger Announces Its Next-Generation Bluetooth-enabled Nano X Wallet Device
Ledger, a leading cryptocurrency wallet provider, has announced its latest storage device, a next-generation Bluetooth-enabled device dubbed Nano X.
The company revealed the hardware wallet on Sunday, January 6 at the Consumer Electronics Show (CES), an annual event held in Las Vegas.
Nano X is similar to the popular Ledger S, but Bluetooth offers the X an added functionality of connecting to mobile devices.
Nano X is the ‘big revolution’
The latest device will quickly catch on as a result of its new feature; with the lack of mobile connectivity in the Ledger S a significant pain point.
According to Ledger’s CEO Eric Larchevêque, the availability of a mobile application that connects to the new X device “is really the big evolution of the hardware for this lineup.”
Ledger may also have hit a home run given that a majority of the world’s population currently relies on mobile computing as opposed to the use of PCs.
The Nano X will leverage the Bluetooth feature to connect to Android and iOs-based mobile devices via an app called Ledger Live.
Having the new device Bluetooth-enabled may come out as quite controversial, given that wallets have characteristically utilized USBs to reduce risks of unauthorized access.
Fears of unauthorized access are, however, mitigated by the wallet’s hardware-level PIN protection as well as the fact that Bluetooth has a limited range.
Significantly, Ledger notes that its Nano X will only respond to mobile devices that have the corresponding Ledger Live app. The notable thing is that the mobile app boasts its own security features.
The Nano X is available for pre-order with shipping in March. At the moment, the device is priced at $119, and according to the Ledger’s CEO, the company’s Nano S is likely to see its price drop significantly. Reportedly, 1.3 million + Nano S devices have been sold so far.
Ledger Live app will go live on January 16, available on both the Google Play Store and iOS App Store.
More advanced, more apps
The Nano X boasts a slightly bigger screen compared to the predecessors, which is important because part of Ledger’s security entails having most transactions actions be performed on the hardware device and not a PC or phone.
Ledger CEO Larchevêque said that the X is a “more advanced device,” with much more memory packed into it.
Hardware devices should simply store public-private key pairs that correspond to every cryptocurrency held by a user. However, the crypto ecosystem has become quite complex as more tokens enter the market, which has meant that a single app cannot guarantee the high level of security users demand.
It is because of this that Ledger decided to design the device in a way that transactions involving different coins will be completed using different apps.
Speaking to Coindesk, Larchevêque revealed that there are several third-party developers currently working on these applications. He added:
“We want to make sure that these applications can only sign transactions for their own private key.”
Users will have the added advantage of storing apps for as many as 100 crypto assets, six times more than the Nano S.
In November 2018, Ledger announced that it had opened offices in New York, with the primary target being to offer institutional-grade services to its investors.
The Ledger Vault, which had been made available in May, is headed by Demetrios Skalkotos, a former executive at Intercontinental Exchange (ICE).
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.