Blockchain Partners with Ledger to Establish Handheld Crypto Wallet
Blockchain ranks as one of the oldest software wallet providers since the cryptocurrency industry began. In a recent turn of events, the company has decided to pursue the creation of a hardware wallet as well. To make this project into a reality, the have collaborated with Ledger, a hardware wallet maker.
Pre-orders for the upcoming product, which will be called Lockbox, are already being accepted. It seems that the partnership is moving along quickly, considering that the first group of shipments is scheduled to go out next month.
The countdown is over! Introducing Lockbox™, our custom hardware device powered by @ledgerHQ. It's designed to work exclusively with the Blockchain wallet and makes storing crypto offline effortless and secure. Pre-order yours today: https://t.co/3JZ2qIQQjL pic.twitter.com/VqiDNxARTl
— Blockchain (@blockchain) October 25, 2018
Using hardware wallets for cryptocurrency storage isn’t a new concept, which is why Blockchain has decided to make sure there are two ways that this particular product stands out. Blockchain CEO and co-founder Peter Smith has explained that the first benefit allows users to process crypto-to-crypto trading with Swap next week, even though it will already store tokens offline. The goal is that this type of product will basically be an all-in-one necessity for anyone that uses cryptocurrency.
Speaking highly of the new hardware, Smith said:
“The Lockbox is a reflection of what our companies both do best. We’ve created an elegant software and hardware integration that offers more functionality than previously existed in our space. We’re thrilled to offer the Lockbox to Blockchain users so they can easily manage their funds online and offline seamlessly.”
“For us, what's really important right now is to get the product to a point where you don't need other places to complete your user actions in crypto.”
The other feature is that Lockbox is, as Smith puts it, “endpoint-controlled.” Basically, even though the wallet is capable of being connected to the internet via computer, it is programmed with a key set that will only allow users to connect with reliable websites. There’s a built-in firewall against phishing attempts by fake versions of real websites. Smith said:
“We built a machine trading platform. It connects to different liquidity [sources] across the ecosystem, everything from different exchanges to market makers. I think we will be more aggressive on adding assets in the next six months. In the long run, I see our trading system being both a consumer and a provider to DEXs.”
Lockbox will stick to the same coins that Blockchain supports – Bitcoin, Ethereum, and Bitcoin Cash. However, if the users end up wanting to bring in other assets, the team has already said that they will consider it. The company plans to remain selective, but the use of Swap will make it easier to expand offerings, for the simple fact that it doesn’t rely on external liquidity sources.
Concerning the benefits that the new Swap liquidity product offers, Smith commented:
“You’ll be able to trade directly from the Lockbox now at high-limits. So, you’ll be able to just go on, you do one link with your ledger, make the trade, you’ll get a notification on your app on your phone that the trade has completed when it is completed.”
Ledger’s support in these endeavors will be made even easier soon, considering that they will soon be supporting 100 separate assets by 2019. Pascal Gauthier, president of Ledger, said:
“It's the first big deal between our two companies and there may be more in the future. When we design technology for us, we design also for our partners. So whatever features we make for the Nano S, we will also make available for our partners, should they have the need.”
For now, users can get a smooth trading experience with altcoin pairings through Nano S devices with Blockchain wallets. Ledger continues to handle the manufacturing side, though Blockchain’s priority is that of developing a mobile and platform experience with less friction in the marketplace. Gauthier commented:
“With our products, you can go from cold to hot [storage] in a heartbeat and the device will never reveal the key, so it means that it opens many avenues, especially for traders.” He added, “We believe our security systems and the types of devices that we have will be at the heart of this [DEX] industry.”
When discussing the way that hardware wallets are progressing this year, Matthew Green of Johns Hopkins commented that “the crypto industry is relearning some of the lessons that smart cards and the secure devices community have learned over the years.” Still, there are other aspects of the design that Green believes could improve the user-friendly nature of the hardware, like moving away from the need to connect with a computer to manage an account.
As far as green is concerned, it seems that the ideal hardware would allow its users to “generate transactions directly without connecting to your computer.” For now, the public must wait until the release date to find out any last-minute modifications to the device.
Big news: We’re excited to partner with @blockchain to create a new product, combining the power of Blockchain’s software and Ledger’s hardware: meet the #Lockbox. It’s a custom Ledger Nano S that's compatible with the #Blockchain Wallet.
Read more here: https://t.co/DhUEPlVxOy
— Ledger (@LedgerHQ) October 25, 2018