The co-creator of the Apple’s iPod designed a new device at the size of a credit-card for people to manage and store their cryptocurrencies and NFT called ‘Ledger Stax’.
Cryptocurrencies though cursed by magnate investors of the world including Warren Buffett, have gradually widened its territory, as people around the world have started adapting to the new type of currency – digital one and the leverages it provides over the internet.
The new product – Ledger Stax created by French crypto asset security firm ‘Ledger’, was launched at the company’s annual Ledger Open Event. The device makes the crypto more intuitive for users, fetching a secure means for storing and handling it.
Ledger Stax was designed and created by Tony Fadell – the iconic iPod and iPhone co-creator. Tony has dropped the kindred version of iPod into crypto realm, as the device too somewhat imitates the same in terms of size. Tony was also the one behind Nest Smart Thermostat before it was acquired by Google in 2014.
Ledger Stax – A New Crypto Wallet Device
The credit-card-sized device enables you to manage over 500 digital assets, including your NFT collections where users can deposit or exchange a range of tokens, including bitcoin, ether, cardano and solana.
Ledger Stax features a black and white E-ink display, alike in Amazon’s Kindle and has magnets integrated, in order to stack multiple Ledger Stax on top of one another. That’s why the name – Stax (sounds stacks). “People who manage different crypto for various clients could be benefitted out of this stack-mode,” Tony Fadell says.
The display of the device is always viewable as it’s E-Ink and has a spine that curves around the edge like a book or old cassette tape, where sits the battery status.
Speaking of the battery, it renders unmatching life of battery lasting for weeks or even months on one battery charge. This makes NFT’s always appear on the screen, even when it is off.
The crypto-holder through the Ledger Live app connects to your smartphone via Bluetooth and to your laptop via an USB cable. Measuring 85mm long and 54mm wide, it just weighs 45 grams, less than that of iPhone.
Ledger Stax will retail for $279 and it’s available for pre-order for its shipping that is expected to start in the first quarter of 2023, Ledger added. Ledger Stax is the firm’s third lined-up hardware after Ledger Nano X and Nano S Plus.
Why to have a Separate Device for Storing Crypto?
Cryptocurrencies runs on blockchain technology, and are decentralized eluding third-parties thereby making transactions secure. However, cryptocurrencies can be stolen if hackers gets access to a crypto-holder’s private-key or code. The vulnerability of cryptocurrencies being stolen is more when the token has poor security or even sometimes when it has access to internet. Know everything about cryptocurrency here.
World has seen crypto-theft worth $2.2 billion in 2022.
One way to securely safeguard the crypto is to seek for cold storage – meaning – a user’s private key or the code they need to access their account is kept on a device that’s not connected to the internet. Since these wallets are offline, they’re less susceptible to hacks or thefts. And this firm – Ledger says that, to date, none of its devices have been hacked.
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The collapse of FTX into bankruptcy had turned people to seek for these offline crypto-holders for storing their digital money. Ledger has already seen sales of 5 million devices to date.
In the market in U.S., people however, feel less confident in crypto investments dropping from 35% in 2021 to 19% in March 2022 and to just 8% now, CNBC reports.
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