The creator of the iPod, Tony Fadell, has joined forces with crypto hardware wallet manufacturer Ledger to make it simpler and more convenient for customers to store and protect their digital currency.
The recent explosion at the cryptocurrency exchange FTX, which prevented consumers from withdrawing their funds, has contributed to the rise in popularity of crypto hardware wallets, which store digital assets offline and in the possession of the user. In the middle of November, after FTX collapsed, the demand for hardware crypto wallets spiked, as reported by Ian Rogers, chief experience officer at Ledger. This was the company’s biggest sales day, which capped off its biggest sales week ever.
It has been in business for eight years, has secured around 20% of the world’s crypto assets, and has sold more than five million devices to customers in two hundred countries. Ledger Stax is the next hardware offering, joining the likes of the Nano S Plus and Nano X.
According to TechCrunch, Fadell emphasised how “fun and simple to use” the product was. “It wasn’t just about the hardware design; we rethought the whole customer journey, from visiting the website to this, to elevate the experience not just for those who are already familiar with crypto but to attract newcomers to the community as well,” the developers explain.
This year, Ledger has launched a $110 million crypto asset security fund in partnership with Cathay Innovation, a $1.5 billion venture capital business. Ledger was valued at $1.5 billion after a $380 million funding round last year, which was led by 10T Holdings.
According to Rogers, “we were lacking that sexier, better product” in the form of the iPod shuffle. The screen makes it far less complicated to get started. Unlike [the Ledger Nano], I can go from opening the box to having everything working in under a minute with this.
The new crypto wallet, about the size of a credit card, can handle NFT collections in addition to more than 500 other currencies and digital assets.
“What we’re doing with digital assets is much more complex now,” Rogers said. “People are signing smart contracts, managing digital products and not just sending digital currencies anymore. You need ease of use with screen real estate so you can be more communicative.”
This gadget, which resembles a Kindle in design, contains an E Ink screen that can be used to display NFTs even when the device is turned off. According to Ledger, a single charge may power the device for many weeks or months.
I had this concept for the next generational wallet when trying to imagine the future of digital assets, as Fadell put it. Before I got your phone, I tried a bunch of competitors’ products, but when they were switched off, they were just as empty as yours. You can never be sure of what’s on such things. Many folks have more than one device for NFTs, crypto, etc., but would want to have everything in one spot.
The inbuilt magnets in these items allow them to be stacked, thus the name “Stax.”
The fact that we can reach a wider audience and infuse the gadget with feelings excites Fadell. He went on to say that Stax is equipped with a speaker, wireless charging, and two-way communication. As one reviewer put it, “All these minor touches make it seem like a truly consumer-friendly product.”
Priced at $279, the device will be on sale in the first quarter of 2023 via the official website and select retail partners including Best Buy in the United States. Rogers has said that the first 10,000 units of the product sold would include a free, redeemable NFT.
The specifics are as follows:
- Dimensions: 85 mm × 54 mm × 6 mm (credit card length and width)
- Security: Ledger EAL 5+ certified secure element
- Screen type: E Ink (up to 16 grays), customizable always-on lock screen, capacitive touch
- Screen resolution: 672 × 400 pixels
- Weight: 45 g
- Connectivity: USB C, Bluetooth 5.2
- Magnet array for easy stacking
- Qi wireless charging
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