Ledger Unveils Latest Hardware Wallet Amid Product Overhaul

 

Cryptocurrency security firm Ledger has unveiled its newest hardware device, the Ledger Flex. The company launched the hardware wallet during the Bitcoin 2024 conference held in Nashville, Tennessee.

The Ledger Flex, like the previously launched Ledger Stax, uses the company’s patented E-Ink touchscreen technology. The device promises to make navigation easier for users without compromising security.

“After a decade of setting the standard for security and self-custody in crypto and digital assets, I’m proud to say we’re raising the bar again,” said Pascal Gauthier, President and CEO of Ledger.

Hardware wallets are “cold storage” devices that rarely, if ever, connect to the internet. These devices are considered one of the safest options for storing cryptocurrencies, especially in the long term.

Ledger announces new cryptocurrency wallet

Founded in 2014, Ledger is a retail-focused brand. The company has sold over six million hardware wallets. It also protects the keys to over 20% of the world’s digital assets, according to the company’s press release.

In addition to integrating Ledger’s “Secure OS” operating system, Flex will also connect to Ledger Live’s mobile and desktop app. This app has integrations with providers such as Moonpay, Coinbase, PayPal, and Lido. This integration facilitates the buying, selling, and other financial services in crypto across 70 blockchains, 200 dApps, and 10,000 tokens.

Priced at $249, the Flex is one of the crypto wallet company’s most expensive offerings. The two devices in the “nano” series are more affordable. The Nano S Plus, for example, costs $79. Meanwhile, the Nano X costs $149. The long-awaited Ledger Stax is the “godfather of the iPod.” Ledger began shipping the devices in May after production delays, and it costs $399.

Controversies and challenges

Last year, Ledger faced controversy after launching the Ledger Recover service, which aimed to help users who lost their keys or seed phrases access their funds again.

Critics saw this as a potential backdoor, as the service re-encrypted and split users’ private keys between Ledger, crypto security firm Coincover and an independent backup provider.

This service came after a data breach in 2020 that exposed the emails of nearly 10,000 customers and damaged the security company’s reputation.

Despite difficult market conditions in early 2023, the company managed to complete a $100 million financing round, maintaining its valuation at $1.5 billion.