News

• Crypto wallet provider Ledger has unveiled its second new product of the year as it seeks to make self custody of cryptocurrency more accessible and convenient.
• Ledger has also unveiled its new Security Key app, which offers passkey capabilities as an alternative to conventional passwords.
• Take-up of self-custodial wallets may have been hindered historically by the seemingly unforgiving nature of having to store and remember one's own seed phrase.

Crypto wallet provider Ledger has unveiled its second new product of the year as it seeks to make self custody of cryptocurrency more accessible and convenient.

"Ledger Flex", like the more expensive Stax wallet which launched in May, incorporates touchscreen technology to "redefine the experience of self-custody," CEO Pascal Gauthier said in an emailed statement on Friday.

Ledger has also unveiled its new Security Key app, which offers passkey capabilities as an alternative to conventional passwords.

Instead of using a password, the app uses a cryptographic passkey login system where there is essentially 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.

Collapses of high-profile crypto firms in 2022 highlighted the importance of users taking custody of their assets rather than entrusting them to exchanges. However, take-up of self-custodial wallets may have been hindered historically by the seemingly unforgiving nature of having to store and remember one's own seed phrase - a random string of words that are used as a failsafe for restoring access to coins.

Thus, Ledger is attempting to mitigate these concerns by embedding the recovery phrase in security tools that users are accustomed to when logging into mobile devices or websites, such as passkeys.

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