What could be worse than waking up to your newsfeed filled with crypto crashes, hackers, lost coins, and investigations? An email from the creators of your crypto wallet. Apparently, the hot new startup, which you’ve trusted with your NFTs and coins at the cost of weekends spent at your second job working the night shift – has lost all of them. There’s no paper trail, no refunds. It’s a decentralized universe like plastic straws – everything is single use with no copies, the exact reason why web3 is so lucrative.
Tony Fadell is the savior we didn’t know we needed. That’s the guy who put the iPod in your pocket, otherwise a brilliant engineer, designer, entrepreneur, and investor.
Along with the Ledger team from Paris, France at a price tag of $279, he brings us a new hardware locker that is safe and useful for stuff other than storing crypto currencies – digital passports, driving licenses, authentic sports and concert tickets.
Crypto assets are mostly stored in digital wallets and exchanges. The security here is your biometrics like facial recognition and fingerprints. Biometrics are relatively easy to forge or fake. Hardware wallets like the ones Ledger produces protect 20% of crypto currencies and 30% of NFTs in the world. They are the key players in an under-saturated but booming market for crypto asset security.
The New Ledger Stax
The announcement and release date of Ledger’s Stax came at a perfect time. The recent cryptocurrencies sloppy valuation, NFT market crash and FTX exchange investigation point to a serious short-term crisis. This new product from Tony Fedell and Ledger promises to solve the security challenge in the long run. Asset protection by self-custody and a crypto wallet is going to end crypto gatekeeping by tech bros and allow for larger scale adoption by consumers.
Unlike with a bank or a mobile app, there is no need for a third party to trust. Stax provides a physical access to crypto assets similar to a safety deposit box. This crypto wallet removes the abstraction of exchanges and virtual clouds. It is accessible and tangible, something you can hold in the palm of your hand or carry in your pocket.
Editorial credit: Koshiro K / Shutterstock.com
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