There is always a threat your virtual money been stolen from the digital wallet, even if it has strong security features. Ledger, the France-headquartered startup, presented a new bitcoin wallet that is claimed to protect users from any type of hacker attacks.
Starting from 2010, in total over $500 million of bitcoins have been stolen, states Business Insider. Approximately 6.6% of all the bitcoins in circulation is owned by people who obtained their digital currency illegally. That means one of 16 bitcoins today is possessed by someone who stole it.
Called Ledger Wallet Nano, a keychain-sized device includes Secure Element, a chip also utilized in banking cards and mobile phones. The private codes allow users to keep their money safe. The chip was also used in such payments apps, as CurrentC and Apple Pay, in order to ensure safe Near Field Communication (NFC) payments.
The Secure Element provides secure bitcoin storage and the user can connect the device to a bot-infected computer without any risk. Besides, the chip holds all the private keys, what eliminates the possibility of someone spending your virtual money.
The Ledger Wallet Nano can be ordered from all over the globe and sent through immediate express shipping. The wallet could be used with a large number of other wallets, including Greenaddress and Electrum 2.0.
Among the other companies, offering the same services, are Case and Trezor. Both firms allow offline cryptocurrency storage. Trezor is more similar to Ledger, as it also requires a PIN code and is connected to the computer through USB. While Trezor’s device is worth $119, Ledger’s price amounts to $36.
In order to make a purchase using a Ledger’s bitcoin wallet, it’s necessary to plug the device into the computer, open the app and enter a PIN code. In case the user enters the wrong PIN code three times, the wallet becomes locked and the app requires answering a security question.
The company was established by Eric Larchevêque and Thomas France, who also known for founding Maison du Bitcoin in Paris, a coworking space for bitcoin startups.
The developers also noted they are in plans to integrate tap-to-pay system into their new device to enable users making online and in-store purchases.
“We are in the process of assembling and testing 100 prototypes implementing various stages of our developments,” Larchevêque said. “We think we’ll be production ready in the next six months, soon launching a hardware wallet compatible with desktops, mobiles, and POS for NFC one-tap payments.”
Ledger is committed to become a leading company providing digital identity security in the bitcoin industry.