Ledger, one of the world’s leading manufacturers of hardware wallets, confirms that its newly-upgraded Ledger Live application has support functions for Tezos (XTZ). Furthermore, the latest version allows Tezos staking.
Pascal Gauthier, the CEO of Ledger, said that the company aims to provide users with the utmost security along with a seamless experience. He explained that Ledger Live, the software solution that was launched last year, aims to make crypto usage and management easier, especially for amateur enthusiasts.
Users of the company’s hardware wallet can monitor their digital assets using their computers or smartphones. They would be able to see their crypto balance, and they can send and receive tokens without compromising the safety of their private keys. Gauthier emphasized that Ledger’s hardware wallets are protected with the highest level of security.
As noted by the CEO, rolling out support for Tezos is an original part of the plan. Ledger Live clients are now allowed to create XTZ accounts. They can also import or stake tokens and ultimately earn rewards in the process.
It’s worth noting that Ledger Live provides crypto users with opportunities to grow their holdings through staking. The newly-rolled out support for Tezos means that a new layer of security has been created for token holders.
While Bitcoin (BTC) and other cryptocurrencies operate on a proof-of-work Blockchain protocol, XTZ employs the proof-of-stake algorithm. This system means that XTZ holders are required to participate in terms of maintaining the network’s security.
The main goal of Tezos is to encourage token holders to work together as one and to come up with decisions that would improve the network’s existing protocol. As an appreciation for their efforts, Tezos employed a rewards method known in the industry as staking. In their exclusive term, the process is known as baking.
However, while Tezos staking is crucial to maintaining the network’s security, the feature is mostly available to major crypto exchanges’ users, such as Coinbase and Binance. Gauthier warned that this setup would have to be improved since the crypto exchanges’ level of security remains questionable until now.
Furthermore, Ledger’s CEO emphasized that allowing XTZ holders to store their tokens on the company’s hardware wallet while providing them with a platform for XTZ staking presents a solution that is more secured than its counterpart. He also mentioned that the crypto industry is entering an era wherein hardware can be integrated with software features. In the end, Gauthier guaranteed that Ledger would launch additional functions via software for their clients in the future.