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Ledger, the most popular cryptocurrency hardware wallet company and one of the oldest in the industry, just announced its latest, most advanced security device, the Ledger Nano™ Gen5. Taking the capabilities of previous Ledger devices to the next level, the Gen5 also reaches a surprisingly low price compared to its predecessors.
Ledger has sold over “8 million devices in 165 countries, across over 10 languages, more than 100 financial institutions and commercial brands,” according to a press release shared with Bitcoin Magazine. The company claims “over 20% of the world’s crypto assets are secured by Ledger. “
Check out the livestream of the announcement live!
The Ledger Nano™ Gen5 is 79.40 mm tall, 53.35 mm wide, and 8.64 mm thick with a Ledger EAL 6+ certified secure element (ST33K1M5). Its E Ink®, black and white capacitive touch screen has a resolution of 2.76 inches, at 400 px by 300 px and 181 ppi. It weighs 46g and has USB-C, Bluetooth® 5.2, and NFC connectivity.
The device comes with a “Ledger Recovery Key” included in the box, a high-security smart card designed to back up the 12-24 word pass phrase that users create on device setup. The Ledger Recovery Key connects to devices like the Gen5 via encrypted NFC, unlocking a new, easy-to-use seed backup device, which is pin-protected at rest. While the name of the Ledger Recovery Key is at first glance a bit confusing, the smart card should arrive empty on initial purchase and get loaded by the users during the hardware wallet setup, when they generate their pass phrase at home.
Signers Rather Than Hardware Wallets
Ledger has also decided to rebrand their devices as signers rather than hardware wallets, a move that breaks over a decade of tradition within the crypto industry. The daring move reflects an industry shift towards securing more than cryptocurrency wealth — secure digital identity from “a world accelerated by artificial intelligence.” The rebrand also applies to their flagship software wallet, previously known as “Ledger Live”, now called Ledger Wallet.
The subtle change in wording could address confusion new users may experience when entering the crypto industry, and perhaps aligns more closely with the functionality of these security devices and interfaces. However, how users respond remains to be seen. Ledger was clear that the Gen5 simply expands its security offering to the world of identity, while it “will continue to operate as millions now know them” to operate, when it comes to securing their crypto transactions.
Protecting Your Digital Identity
When it comes to identity, the world is going through a transformation. No longer are physical ID cards good enough; multiple image generation models have shown sufficient quality to fool identity systems, while stolen identities from major data hacks are used regularly to commit identity fraud. The only viable solution to the problem of digital identity is strong cryptography, and Ledger clearly recognizes this growing trend.
In order to support secure identity and logging capabilities, the Gen5 and its Ledger Security Key cards support the FIDO2 Passkeys standard that is spreading throughout the web. NFC, which stands for near field communication, is a fairly secure short range antenna, used in credit cards for decades, this standard is also quickly being adopted by crypto hardware wallets for the same reasons, it is easy to use for things such as approving a log ing, while also providing a high degree of security, given its short range and simplicity.
Bluetooth is also integrated into the Gen5, giving the device a wider range of functionality. Bluetooth has also become a popular feature among hardware wallets and key signers, though it is a feature often criticized, given the vast complexity of its code and the long range at which it can be interacted with. Some hardware wallet devices even choose to skip Bluetooth altogether. While the press release did not explicitly address how the Gen5 secures users against the risks introduced by Bluetooth, the industry standard is to distrust the chip, separating it from other capabilities, and using it only for encrypted communications across devices.
On the interface front, the Gen5 supports advanced security features like “Clear Signing” and “Transaction Check,” which its beautiful E Ink® touchscreen likely delivers with a natural and intuitive feel. The press release further explains the new identity capabilities of the Gen5, noting that “users can now connect their Ledger signer directly to popular dapps, such as 1inch, for seamless and secure experiences,” adding that “Ledger is integrating Noah, known as Cash-To-Stablecoin, enabling users to top up their wallet with fiat (USD or EUR) quickly without additional fees, and instantly convert to stablecoins (USDC)” Noah enables the “effortless” use of stablecoins for on-chain transactions, another quickly growing trend.
High End Tech at an Affordable Price
When it comes to price, the Ledger Nano Gen5 is far more affordable than its predecessors, while keeping the large touch screen that has defined the newer generations of Ledger devices. Coming at more than half the price of the Ledger Stax, the Gen5 costs $179, a very competitive and accessible price among modern crypto hardware wallets.
Pascal Gauthier, Chairman and CEO of Ledger, proudly noted in the press release that “the all-new Ledger Nano is built for the challenges and opportunities of today, and ready for those coming in the future. It is the new signer for everyone, available at an accessible price, with the best security and user interface on the market. The next generation of Ledger begins today.”
