Ledger Launches Support For Algorand (ALGO) Staking On Its Software App, Ledger Live
- Crypto hardware wallet manufacturer, Ledger, is launching support for the Pure Proof-of-Stake (PPoS) platform, Algorand.
- The announcement sent to BEG further states the software application will support Algorand’s Standard Assets (ASA) management.
Ledger wallet users will now be able to “securely hold, transact, manage, and stake ALGO” on Ledger Live directly on their desktops or smartphones. ALGO becomes the fourth coin to create its staking pool on Ledger following successive additions of staking coin, Tezos (XTZ), Tron (TRX), and Cosmos (ATOM).
Ledger now supports over 1500+ crypto tokens and 27 crypto coins on its platform.
Hey! We have a new family member!
— Ledger (@Ledger) September 15, 2020
Algorand offers users a pure PoS platform, unique from the delegated proof of stake (DPoS) consensus algorithm, whereby users delegate stakers to make the governance decisions. Algorand’s PPoS allows “anyone to participate in the Algorand network proportionally to the amount of ALGOs they have in their wallets.”
Speaking to BEG, Fangfang Chen, COO of Algorand, stated his pleasure at partnering with one of the companies with the “highest standard of crypto security.” Chen further said,
“The Algorand ecosystem has experienced tremendous growth since the mainnet launch last year, and we are proud to work with Ledger, the industry-leading security company, to provide ALGO holders more opportunities to participate in the network while ensuring security and transparency of the whole Algorand economy.”
Additionally, Ledger Live wallet users will also be able to control and manage their Algorand Standard Assets, such as the recently added Tether stablecoin, USDt. Users can also manage the system credits, loyalty points, and “single, unique assets issued on the Algorand blockchain that benefit from the same security, compatibility, speed, and ease-of-use as the ALGO.”
Ledger aims at offering unparalleled security and ease of use to users in comparison to current ALGO-enabled staking platforms. Ledger Live allows users to stake their ALGO tokens on a single app while still storing their private keys on the Ledger hardware wallet – providing freedom without compromising on security.
Ledger is “expanding its tokens and crypto markets” – ALGO being the latest – with more to come, Pascal Gauthier, CEO of Ledger, said. The integration of ALGO on Ledger Live will provide users with a broader array of opportunities “to earn passive income, ensuring the highest level of control and flexibility.”