Ledger Nano S Wallet to Provide Support for Binance DEX Trading Without Private Key Exposure

Ledger, a firm devoted to offering security solutions for cryptocurrencies and for releasing the first and only certified hardware wallet, announced on Tuesday, April 23, that traders can now use the Ledger device to trade cryptocurrency using Binance’s native token, BNB on the Binance DEX, a decentralized exchange running on the Binance Chain. (https://www.ledger.com/2019/04/23/binance-chain-mainnet-now-available-ledger-nano-s-compatible/?from=body)

As per the claims made, the Ledger Nano S was compatible during the Binance Chain Testnet and now it remains compatible with their mainnet. It has been argued that this will help traders secure their private keys that way no one will have access to them. In particular, the team shared:

“With Binance’s Decentralized Exchange (DEX), you can access your BNB wallets by connecting your Ledger Nano S […] with the Binance Chain app. Your private keys remain securely stored on your hardware wallet,” emphasizing that, “the access to them remains restricted and offline.”

The CEO of Ledger, Eric Larchevêque, has since expressed enthusiasm in being able to provide the firm’s security solutions, stressing security as a whole. Here’s what he had to say:

“Investors can now trade assets through the Binance DEX with unparalleled security assurance that the Ledger Nano S provides.”

Since the notion of decentralization has been highlighted in recent times, especially amidst introducing cryptocurrencies, the one thing that traders do need to keep in mind regarding Binance DEX, is its decentralized nature. That is, traders are fully responsible for their private keys, assets, and passwords because Binance DEX supposedly has no access whatsoever. This means anything lost can be traced by neither Ledger nor Binance.

As for the BNB coin, it has supposedly migrated from an ERC-20 to BEP-2 so that it can serve as the native token on the Binance Chain. The BEP-2 shares details regarding Binance Chain’s native token. More specifically, it provides what information makes a token on Binance Chain and what actions can be performed using said token. (https://github.com/binance-chain/BEPs/blob/master/BEP2.md#1–summary)

Overview On Binance Chain

For those who are unaware, Binance Chain is Binance DEX’s blockchain, dubbed, “a community-driven development project” by developers worldwide. To further dive into the crypto market and the decentralized world, the team at Binance believed the need for both the Binance DEX and Chain were evident. (https://www.binance.com/en/blog/327334696200323072/Binance-DEX-Launches-on-Binance-Chain-Invites-Community-Development)

According to CEO of Binance, Changpeng Zhao (nicknamed CZ), there is a lot more to uncover when it comes to cryptocurrencies. Here’s his take on the endeavours taking place:

“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.”

Getting Started: Accessing, Trading, and Regaining Control

To access the Binance DEX on one’s Ledger device, the following steps have been provided by the Ledger team themselves:

  1. Visit https://www.binance.org/en/unlock
  2. Click “Unlock Your Wallet”, and select “Ledger Device”
  3. In doing so, one must open their Binance Chain App on the Ledger Nano S and click “Connect to Ledger” (app must be downloaded beforehand)
  4. Pick preferred address to use in Binance DEX and it’s as simple as that!

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Nirmala Velupillai
Nirmala Velupillai
Nirmala is a blogger who has been fascinated by the world of technology and its contributions to societal development. While a novice, her eager to learn about the crypto world has led her to write a number of pieces on its positive and negative aspects. On her spare time, she indulges in understanding and building statistical models and enhancing her painting skills.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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