The Bitcoin and crypto hardware wallet maker, Ledger, has announced the launch of its new wallet, designed by Tony Fadell, the former engineer at Apple Corporation Inc. The wallet, designed with E-ink technology, will look similar to smartphones.

The Ledger Stax Wallet will function similarly to other Ledger products by allowing users to store Bitcoin and other crypto tokens offline in cold storage. In addition, the front of the wallet has a customizable display where users can feature their photos and non-fungible tokens (NFTs).

Moreover, the Ledger Stax price is $279, with an estimated delivery date of March 2023. However, the device is currently available for pre-order in Best Buy stores, as the platform also has stocks of Ledger’s Nano S Plus and Nano X devices.

The former Apple engineer designed the Ledger Stax to feature premium products outside the simple Nano S series with its small, USB-like looks. The launch of the new wallet comes when the crypto community increasingly demands self-custody of their digital assets following the FTX contagion.

The collapse of the FTX exchange has led to the loss of billions of dollars in customer funds. As expected, Ledger’s spokesperson confirmed that the company witnessed its “best-ever sales days” last month at the peak of the FTX debacle.

The lead developer explained that this large sales volume is influenced by the need for a “user-delightful tool” to provide digital asset security to all users. However, most Bitcoin advocates believe the wide use of a self-custody crypto wallet won’t benefit the broader crypto ecosystem.

They argue that more users who self-custody their assets through cold wallets instead of keeping them on crypto exchanges would introduce more crypto-holding risks.

Rising Demand For Crypto Self-Custody Wallet

The last few days of November have been one of, if not the craziest, moments that the crypto industry has ever witnessed. After the collapse of the once-mighty FTX exchange, many crypto firms have struggled to stay in business, with some caving into bankruptcy alongside FTX.

As a result, many clients have lost massive amounts of their capital, with others struggling to stave off liquidity. Meanwhile, more traditional finance platforms are beginning to lose faith in the crypto industry, with others calling for regulation of the ecosystem.

The sudden popularity of custody wallets among crypto users lends credence to the saying, “not your keys, not your coins.” The safest way for crypto holders to minimize the risk of not losing their digital assets to centralized crypto platforms is to own a wallet over which they have full control.

With this, self-custody wallets have become trendy among crypto owners, with makers like Ledger making more sales than ever.

By having private keys, users control their assets, and as long as they do not share them, no one can steal their funds. However, self-custody has complications as specific technical knowledge is required to use it.

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