Ledger Explain Why Hardware Wallets Are Essential

The French company Ledger design very popular Nano S cryptocurrency hardware wallets. Now, the CEO of the company,  Eric Larcheveque has explained why every trader in the crypto space should be using hardware wallet no matter the size of their investment, big or small.

The company was founded four years ago in 2014 and describes itself “a fast-paced, growing company developing security and infrastructure solutions for cryptocurrencies as well as blockchain applications for individuals and companies, by leveraging a distinctive, proprietary technology.” they also say that they have “a distinctive operating system (OS) called BOLOS, which we integrate either to a secure chip for the Ledger wallet line, or to a Hardware Security Module (HSM) for various enterprise solutions.”

The French company offers two hardware wallets:

“The light Ledger Nano S and the touchscreen Ledger Blue, which can both support directly 23 cryptocurrencies, and dozens more via third-party applications.”

When it comes to enterprises, the Ledger Vault is on the table, this is a multi-authorisation cryptocurrency wallet management solution enabling financial institutions to keep their funds safe kept. This way is an ideal solution for asset managers and custodians who are aiming to make their operations, streamlined and convenient without a single compromise on security.

In Larcheveque’s blog post, the CEO starts off by pondering a question he is most often asked, “Do I really need a hardware wallet to secure my crypto assets?” His simple answer to this is “Yes, you do!”

The CEO says that most people when they first get into crypto, buy coins and tokens on a crypto custodial exchange and then just leaving them there. He explains that the issue with this approach is that by keeping the assets you own on an exchange, you are entrusting a third party with these private keys and mandating them to serve as a safeguard, according to CryptoGlobe.

Larcheveque explains why the concept of private keys is so important.

“When you own cryptocurrencies, what you really own is a ‘private key’, a critical piece of information used to authorize outgoing transactions on the blockchain network. Whoever has the knowledge of this key can spend the associated funds. Hence the famous expression ‘not your (private) keys, not your bitcoins’.”

What are your thoughts? Let us know what you think down in the comments below!

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