Cardano was recently able to strike a really great partnership with Ledger and now you will be able to hold your ADA tokens on your Ledger Nano S wallet. The announcement was made on Twitter.
— Ledger (@Ledger) March 27, 2019
Ledger Nano S is one of the most popular wallets created by the company and now Cardano holders will be a part of the select club of people who can store their tokens in a Ledger wallet. The decision was announced by both Ledger and Emurgo, the commercial arm of the Cardano ecosystem. Starting now, the ADA holders will be able to store their private keys on the wallet.
Compatible With Yoroi Wallets
According to the official reports, the wallets will be fully compatible with the Yoroi wallets, which are the ADA wallets created by Emurgo, which, in fact, has contributed a lot with the technology to store the tokens on Ledger Nano S. The Yoroi Wallet was originally created by Emurgo, IOHK and Vacuum Labs
Nicolas Arqueros, Emurgo’s CTO, has affirmed that he was delighted to see the two wallets being integrated, which was a very important event for Emurgo and the whole Cardano community. This cooperation, he believes, would take the company to the next level.
Ledger’s CEO, Eric Larcheveque, has affirmed that Ledger is the leader of its field and that Ledger Nano S just received a CSPN certification last month, making it the only hardware wallet in the market with official certification.
A Great Move For Cardano (ADA)
This is such an important move for Cardano mostly because Ledger is seen as a top wallet provider with more than 15 million devices already being used at the moment. According to a study made by Ledger, exchanges lost $850 million USD last year. This shows that centralized exchanges are not really safe at all and using them puts your assets at risk.
In fact, this insecurity is not new. Since the days of Mt Gox, the Japanese exchange which was hacked in 2013, we have been seeing several centralized companies failing to protect the assets of the users.
By leaving your private keys in cold storage, however, you can have extra protection against cases like this one because no one but you will be responsible for your own money. You do not have to go further than QuadrigaCX, the Canadian exchange whose CEO died and took his private keys to the grave, along with the money from the clients, to know that centralized exchanges are dangerous.
Because of this, it is generally deemed that this was a great move for Cardano and its community.