Summary:
- Apple iPod creator Tony Fadell worked on the design for Ledger’s new hardware wallet.
- The so-called Ledger Stax wallet will feature an e-ink display for users to view NFTs and crypto transactions directly on the device.
- Stax’s release was announced amid increased interest in self-custody solutions following FTX’s crash.
Ledger, a popular crypto hardware wallet company, teamed up with Tony Fadell for its Stax self-custody solution expected in Q1 2023. Fadell is credited for designing Apple’s iPod device.&
The wallet maker’s CEO and chairman Pascal Gauthier expanded on the approach taken by the company for its Stax hardware wallet. CTO Charles Guillemet affirmed that the aim was to achieve mass adoption with a device that features accessibility and self-custody security for crypto users.
When we designed Ledger Stax, our biggest requirement from a security standpoint was to fulfill those 3 security properties while improving user experience. What we did was reuse our Ledger Nano security architecture, then we improved the trusted display property.
– Charles Guillemet, CTO.
Fadell designed the Stax hardware wallet with an e-ink display wrapped around the body of the device. Sources said users will be able to view their NFTs and transaction history from the interactive display.&
On the inside, there are built-in magnets to allow users to hold multiple devices securely together. Stax’s size is roughly the same as a regular credit card and features a USB-type C port. Ledger will offer its Stax wallet for $279 come 2023.
Ledger’s Key Timing
The company designs hardware wallets – crypto wallet solutions that allow users to directly manage their digital tokens and private keys. Following FTX’s crash in November, advocacy for self-custody among crypto participants and proponents alike increased.&
Notably, FTX was an investor in the hardware wallet maker before the centralized crypto exchange went belly up. Ledger was however not exposed to the bankrupt platform and was not included in the Chapter 11 filing.&
Ian Rogers, chief experience officer at the wallet maker, told CoinDesk that sales increased as the FTX spiraled down. “We were ready,” Roger said, disclosing that the company set a new record for product sales on November 14, three days after FTX filed for bankruptcy in Delaware on November 11.
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