Blockchain, a crypto web wallet provider, has announced a hardware wallet in the works. Ledger, hardware wallet manufacturer, in collaboration with Blockchain, will create a custom device that allows users to manage their funds offline and online with ease. All this can be done on a single familiar interface.
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This lockbox was unveiled on Thursday, and it is considered the first of its kind. It is leveraging the strength of the companies. The system will offer Blockchain users a way to transfer some of their funds offline. This will secure them from hackers, and they get to leave some funds in the non-custodial web wallet, which is also easily accessible.
Peter Smith, founder and CEO of Blockchain said,
“The Lockbox is a reflection of what our companies both do best. We’ve created an elegant software and hardware integration that offers more functionality than previously existed in our space. We’re thrilled to offer the Lockbox to Blockchain users so they can easily manage their funds online and offline seamlessly.”
How it works
The device seems to use Ledger Nano S software and features custom Blockchain firmware as well. Ledger has said that the delivery of the preordered device should start next month.
Pascal Gauthier, president of Ledger also said,
“With stories about crypto hacking continuing to dominate headlines, it’s obvious that security must be top of mind for all stakeholders in the crypto space,”
He believes that the combined forces of Leger and Blockchain will create the best results. The partnership is one of a kind since both firms are focused on crypto security.
The announcement also said that current ledger customers would have an option of pairing their Nano S wallet to their Blockchain wallet. This gives them the ability to manage funds both offline and online as well as enjoy blockchain’s interwallet trading feature.
Other competitors in the market
Trezor, a large crypto hardware wallet producer updated its wallet management systems as well. It now allows users to trade between digital currencies through brokerage services Changelly and ShapeShift.
However, Trezor and Ledger will face a stiff challenge from other electronic giants such as Sony. The firm has unveiled a crypto hardware wallet system, and it has plans to commercialize it shortly.