Ledger Nano S Confirms Support For Exciting Privacy Coin

The Ledger Nano S is one of the world’s most popular cold storage wallets for cryptocurrency. Cold storage refers to the offline storage of your crypto assets, this is beneficial as it means your holdings cannot be accessed via an internet connection and can’t be hacked. Moreover, it leaves the investor in control of their assets too, meaning you don’t need to rely on exchanges or other third parties to secure your assets.

The problem here is that cold storage wallets can be lost, or can be physically stolen. In this instance, the user is at risk of totally misplacing their funds, which in itself is somewhat problematic.

Above all, we must confirm that cold storage is far more secure than online alternatives.

Ledger Nano S

The Ledger Nano S is the most popular of Ledger’s products, which according to their website:

“The Ledger Nano S supports an extensive list of cryptocurrencies, including popular assets like Bitcoin, Ethereum, XRP, Litecoin and more. The Ledger Nano S can simultaneously run 5 to 18 device applications. Even if you uninstall a device application, the private keys to access your crypto assets remain secure. You’ll always be able to manage your assets by simply re-installing the application on your Ledger device.”

Moreover:

“All your actions on the Ledger Nano S are visible on the device’s screen, enabling you to control what is happening at any moment and to securely verify any transaction. Your Ledger hardware wallet stores your private keys, which enable you to authorize transactions using Bitcoin, Ethereum, Ripple or any compatible crypto asset. The assets themselves, however, remain on the blockchain.”

Now, according to reports from Friday, Monero XMR has become the next cryptocurrency to receive support from Ledger and can now be stored on the Ledger Nano S wallet.

We are thrilled to welcome another top crypto asset to the Ledger platform with @monero . The Ledger Nano S is now compatible with the latest version of the Monero GUI wallet.

Start securing your Monero with a Ledger Nano S!

Read more here: https://t.co/bXSURUydVO#crypto #XMR pic.twitter.com/VhQMg4XKnT

— Ledger (@LedgerHQ) November 29, 2018

The official announcement from Ledger refers to a statement from the CEO of Ledger, Eric Larchevêque:

“We are thrilled to welcome another top-ten cryptocurrency to the Ledger platform with Monero. With this addition, Ledger devices now cover 90% of the entire crypto market capitalization. We will continue to support more crypto assets in the future, both through our own developments and with CryptoTuesday, our monthly release of apps developed by our incredible community.”