Crypto wallet provider Ledger has introduced its second new product of the year, called “Ledger Flex,” in an effort to make self-custody of cryptocurrency more user-friendly. This new wallet, similar to the Stax wallet released in May, features touchscreen technology that aims to revolutionize the self-custody experience, according to CEO Pascal Gauthier.
In addition to the Ledger Flex, the company has also launched the Security Key app, which provides passkey capabilities as an alternative to traditional passwords. This app utilizes a cryptographic passkey login system, where a private key is stored in a secure element for logging into the service. These keys are linked to the user’s seed phrase, which serves as a backup for accessing coins in case the wallet is inaccessible.
The collapse of prominent crypto firms in 2022 emphasized the importance of individuals taking control of their assets rather than relying on exchanges. However, the adoption of self-custodial wallets has been limited by the complexity of storing and recalling seed phrases, which are essential for recovering access to coins.
To address these concerns, Ledger is integrating the recovery phrase into familiar security tools like passkeys, making it easier for users to secure their assets. By incorporating these features into everyday login processes, Ledger aims to simplify the self-custody experience and enhance security for cryptocurrency holders.
Ledger’s commitment to improving asset security extends beyond the release of new products. The company’s CEO has pledged to assist with asset recovery efforts following hacks and security breaches, demonstrating a dedication to protecting users’ funds. Despite recent challenges in the crypto industry, Ledger remains focused on enhancing security measures and providing innovative solutions for cryptocurrency storage.
As the demand for self-custodial wallets continues to grow, Ledger’s latest releases mark a significant step towards making cryptocurrency ownership more accessible and secure for users. With a focus on user-friendly design and enhanced security features, Ledger is poised to lead the way in empowering individuals to take control of their digital assets.