Ledger’s hardware wallets provide industry-leading security for cryptocurrency holders. The company has developed a range of wallet solutions, including the Stax and Nano cold storage hardware wallets, the Ledger Live app, and Ledger Enterprise for business.
History of Ledger
Ledger was established in France in 2018 by a group of eight co-founders with combined expertise in security, cryptocurrencies, and entrepreneurship. The overall aim was to develop secure solutions for blockchain applications, which evolved into the development of cryptocurrency hardware wallets.
The company released the first version of its cold storage product, the Ledger Nano S, in 2016.
In 2017, the company launched its enterprise solution under the brand Ledger Vault. In the same year, Pascal Gauthier took over as CEO, a role which he retains as of 2024.
In 2019, the company released the second edition of its Nano series hardware wallet, the Nano X.
In June 2021, Ledger was valued at $1.3 billion in a funding round where it raised $380 million. Following a Series C in March 2023, Ledger had raised a total of $575 million over six rounds.
In 2022, Ledger announced the launch of a new wallet called Stax, developed in collaboration with the designer of Apple’s iPod, Tony Fadell. The new wallet started shipping in mid-2024 following significant production delays. However, at the time of writing, it was still not possible to place new orders for Stax devices.
As of 2024, the company reports that it employs around 600 people working at nine offices across the globe.
Ledger Products
Ledger’s flagship products are its hardware wallets. The company also offers several ancillary services to support its main offering. All Ledger devices use Ledger’s proprietary Secure Element Chip to enable its industry-leading crypto security. The Chip generates and stores private keys as well as drives the display of the device it supports.
Of Note
Anyone that plans to purchase a Ledger device is advised to do so via the Ledger website to guarantee that the device is genuine and hasn’t been tampered with in the supply chain to avoid scams and theft of funds.
Stax Wallet
The Stax wallet is Ledger’s newest cold storage hardware wallet, designed for both form and function. It’s the first Ledger wallet to use a touchscreen based on E Ink technology which is used to interact with the device and sign transactions.
A considerable part of the Stax's appeal is its design. It looks like a small book with a touchscreen that wraps around the front, back, and spine. Users can personalize the screen with a photo or NFT.
However, under the hood, the Stax wallet is also built for crypto security and accessibility with support for over 5,000 crypto assets, connectivity via Bluetooth and USB-C, and wireless charging.
As of mid-2024, Stax still appears to be experiencing supply issues and it’s not possible to place orders via the Ledger website.
Ledger Nano X
The Ledger Nano X is a more standard hardware wallet with the look and feel of a USB device. However, it does offer Bluetooth connectivity, meaning users can link it to their phone or tablet without needing a USB cable to access the additional functionality of the Ledger Live app (see below.)
Ledger Nano S Plus
The Nano S Plus is the oldest of the Ledger Nano series wallets, offering only wired connectivity via a USB cable and the lowest amount of storage. However, for its limited capabilities, it’s the cheapest of all Ledger devices.
Ledger Live
Ledger Live is the software application that Ledger has developed to support its range of hardware wallets.
Ledger Live provides a more extensive interface for a Ledger device than the built-in screen's limited capabilities. It also extends the capabilities of the Ledger device from being a pure hardware wallet, enabling users to interact with an array of Web3 applications in a similar way to a software wallet like MetaMask.
Although Ledger Live introduces some soft wallet capabilities, it still operates under an extremely high level of security for crypto, storing all data on the user's own device or computer, so there are no login credentials that can be compromised or enable access to the user’s Ledger assets.
Ledger Recover
Ledger Recover is a key recovery service that Ledger operates in collaboration with a third-party company. It allows users to undergo a verified identity check so they can recover access to their assets if they lose or forget the private key for their Ledger cold storage device.
When a user signs up for an annual Ledger Recover plan, their key is split into fragments, which are held by three different entities – Ledger, its third-party partner Coincover, and another entity that acts as an escrow partner. No party can use the key fragment by itself. When the user requests a recovery, two of the three parties will transmit their key fragment back to the Ledger device, which initiates the recovery.
Ledger for Enterprises
Ledger is a leading provider of crypto security solutions to businesses, enabling enterprises to self-custody their assets. It provides services supporting requirements such as staking, NFT custody, and integration with existing treasury and financial systems.
Ledger Essentials
- Ledger is a crypto security company that develops cryptocurrency hardware wallets, and has become a leader in its segment, as well as one of the most successful startups in the crypto sector.
- It offers three variations of retail hardware wallet: the newest touchscreen-enabled device called Stax, and two older models called the Nano X and Nano S Plus.
- Ledger also develops a software app called Ledger Live and enterprise wallet solutions for businesses.