Ledger Hardware Wallet Integrates DeFi Tracking Feature
Amid the recent events in the crypto space, developers and users are looking for ways to remain safe. According to reports, Ledger has unveiled a new feature for its users. This feature will allow them to track their assets’ value in real-time.
Ledger Hardware Wallet Partners With Merlin
On Tuesday, Ledger announced its new collaboration with Merlin, a DeFi portfolio tracker. According to Ledger, the partnership will bring real-time DeFi analytics to the users of its Ledger Live app.
Meanwhile, the Ledger Live app allows individuals to connect to the company’s cold storage wallets and has about 5 million users. In addition, the Ledger Live application is paired with the company’s hardware wallets.
The latest DeFi tracking tool can monitor the analytical performance of more than 1,000 protocols across ten blockchains. Also, users receive profit and loss reports, performance metrics, calculated yields, and the amount spent on gas.
Elie Azzi, Merlin’s chief product officer and co-founder, said the compiled data would allow investors to navigate their portfolio. “It is difficult for users to assemble all of their trade data without accessing each platform numerous times. This ultimately exposes them to danger and risks,” Azzi noted.
Additionally, Azzi claimed the crypto sector was compromised from the onset of its decentralization structure. To prove his point, he pointed to the major hacks and attacks on crypto entities last year and in 2022.
Crypto Users Embracing Crypto Hardware Wallets
The crypto space is trying to rebuild itself as crypto firms adopt transparency in their operations. The Merlin CEO said users are clamoring for transparent and open crypto solutions.
Hence, the latest DeFi tracking tool will enable users to claim rewards directly from any platform. Ledger’s VP of international development, Jean-François Rochet, noted that these new integrations would help enhance user experience.
Following the bankruptcy of FTX, crypto users began moving their funds off centralized exchanges (CEX) to hardware wallets. Users’ trust in CEX began declining as FTX was among the major global crypto exchanges.
Consequently, cold storage wallet firms recorded increased patronage. For example, Trezor, a hardware wallet firm, reported a 300% increase in revenue during the saga.
Furthermore, several big players in the crypto space encourage users to adopt self-custody. They include Vitalik Buterin, the co-founder of Ethereum, and Changpeng Zhao, the CEO of Binance.
Last month, Binance Labs invested in Ngrave, a Belgium-based crypto hardware wallet company. Binance Labs plans to lead the company’s upcoming Series A fundraising round.
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