Ledger is a Crypto Wallet Provider has Introduces its second new wallet of the year. The aim to Introduce this Wallet is to make self custody of cryptocurrency more accessible and convenient.
It has also introduces its new Security Key app, which provides passkey capabilities as an alternative to conventional passwords.
Due to Taken up of self-custodial wallets may have been obstructed historically by unforgiving nature of having to store and remember one’s own seed phrase.
The CEO Gauthier said in an emailed statement on Friday that “Ledger Flex“, like the more expensive Stax wallet which launched in May. It contains touchscreen technology to “redefine the experience of self-custody”.
Due to ledger introduces the new Security Key app, which offers passkey capabilities as an alternative to conventional passwords. So Instead of using a password, the app uses a cryptographic passkey login system where there should be a private key stored in the secure element for logging into the service. These are tied to the user’s seed phrase that is used to restore access to coins in the event of losing access to one’s wallet.
Importance of using New wallet
In 2022, Most of the high-profile crypto firms collapses, It indicates the importance of accepting the wallet by users to taking custody of their assets rather than entrusting them to exchanges. However, accepting self-custodial wallets may have been obstructed in future due to its unforgiving nature of having to store and remember one’s own seed phrase, it is a random string of words that are used as a failsafe for restoring access to coins.
In this way, By introducing self-custody wallet feature, Ledger is attempting to minimise the concern to depend on other exchange for user’s asset security by including the recovery phrase in security tools. These tools will be used by users while logging to mobile devices or website, such as passkeys.
Ledger’s new wallet aims to set a new standard in digital asset security and user experience, usefull to both seasoned cryptocurrency enthusiasts and newcomers alike. By continuing to innovate, Ledger reinforces its position as a leader in the hardware wallet industry, providing users with top-notch security and functionality for their digital asset management needs.
