Ledger announced its collaboration with Tony Fadell to build a new crypto wallet

The maker of the iPod, iPhone, and even Nest Thermostat – Tony Fadell is all set to collaborate with Ledger – a leading crypto wallet provider to create a new crypto wallet. Ledger announced this news at its annual event in Paris, Ledger Op3n. Fadell will be looking after the design of the new hardware crypto wallet named Ledger Stax.

The new addition to Ledger’s array of products – Ledger Stax comprises some cool features like a large E Ink display, capacitive touch, Bluetooth support, and wireless charging on a device that is the size of a credit card.

“That’s the hope. To have that iPod moment for digital assets. You can’t just integrate it into a phone…you need to have a real physical key…that holds the digital.” –@tfadell

Thanks to @StevenLevy from @WIRED for making the trip to Paris & telling the story of Ledger Stax! https://t.co/xrcPXYg53h

— Ledger (@Ledger) December 6, 2022

One-of-a-kind hardware wallet, Ledger Stax has a large E Ink display that will display the holder’s name or the crypto address details. For the first time in Ledger’s product line, Stax contains a curved E Ink display which can be used to show the holder’s name or other wallet information. The device has magnets that allow users to organize their storage of multiple similar devices and “stack” them in order. This is why the product is called Ledger Stax. 

While designing the hardware wallet, Fadell imagined what a modern stack of cash would seem like. He viewed it in two different ways. One is the spine of the device which shows what is inside the wallet. 

Fadell, who worked on the first three generations of the iPhone, designed Ledger Stax in cooperation with the industrial design firm Layer. “We need to be user-friendly… no! A ‘user-delightful’ tool, to bring digital asset security to the rest of us, not just the geeks,” the ‘Father of the iPod’ said. 

According to the announcement made by the firm,  Ledger Stax will be available in the first quarter of 2023 and customers can pre-order the wallet on Ledger’s official website. Soon the device will be available at selected retailers such as BestBuy in the United States. The Ledger Stax wallet is priced at $279.  The device is significantly more expensive than Ledger’s previous wallet, ‘Ledger Nano S Plus’. Officially released in April 2022, Nano S Plus costs $79, and Nano X, is priced at $149.

According to Ledger, the latest wallet product is designed to make interacting and signing transactions easier with a touch screen and a larger display. “​​Ledger Stax adds to our lineup, rather than replacing anything, allowing customers to choose the kind of experience they want,” the firm’s representative said.

It resembles a smartphone but is roughly the same size as a credit card and, at about 45 grams, weighs less than an iPhone. Users can deposit or exchange a range of tokens, including BTC, ETH, ADA, SOL, and NFTs.

​​“Many Ledger owners have multiple devices, some store their NFTs, some store different crypto, some have multiple because they have different clients that they store for,” Fadell told CNBC in an interview.

Not your keys, not your crypto

Some centralized exchanges have published their Proof of Reserves to ensure customers that their funds are safe within the exchange. While those who fear using centralized crypto brokers or service providers have turned to self-custodial software and hardware wallets. Users have resorted to self-custody of their crypto assets for better security as currently, many security concerns have been looming over the industry. Ledger has sold more than 5 million devices to date. There is a popular saying in crypto, ‘Not your keys, not your crypto’ which basically means that users just need their private key which is also called the seed phrase to get access to their crypto funds. 

Additional Read: Okto Self Custody Wallet

Source: Cointelegraph, NDTV.