Ledger unveils its latest hardware wallet amid product-line revamp

Crypto security firm Ledger unveiled its latest hardware device, Ledger Flex, on stage at the Bitcoin BTC +4.49% 2024 conference in Nashville, Tennessee. 

Like the France-based firm’s previously released Ledger Stax wallet, the new device uses Ledger’s trademarked E-Ink touchscreen display technology that supposedly makes it easier to navigate the device without compromising on security. 

“After a decade of setting the standard for security and self-custody in crypto and digital assets, I’m proud to say we’re raising the bar again,” Ledger Chairman and CEO Pascal Gauthier said.

So-called “cold storage” wallets, which rarely, if ever, interact with the internet, are among the most secure options for storing cryptocurrencies — especially in the long term.

Ledger, primarily a retail brand founded in 2014, has sold over six million hardware wallets, backing up the keys for more than 20% of the world’s digital assets, the company said in a press release.

In addition to integrating Ledger’s “Secure OS” operating system, Flex will also connect to the mobile and desktop app Ledger Live. To date, this app is integrated with providers including Moonpay, Coinbase, PayPal, and Lido to facilitate buying and selling and other crypto financial services across 70 blockchains, 200 dApps and 10,000 tokens.

At a $249 price point, Flex is one of Ledger’s more expensive offerings. The two devices in the “nano” series are priced below it at $79 for the Nano S Plus while the Nano X retails for $149. The much anticipated $399 Ledger Stax, designed by “the godfather of the iPod” Tony Fadell, started shipping in May after production delays.

Last year, Ledger ran into controversy after unveiling its Ledger Recover service, which was designed to give users who lost their keys or seed phrases a better chance of accessing their funds. Critics saw this as a potential backdoor because it would re-encrypt and split users' private keys between Ledger, crypto security firm Coincover and an independent backup service provider.

This came after a 2020 data breach that exposed the emails of nearly 10,000 customers and tarnished the security firm’s reputation.

Despite tough market conditions in early 2023, Ledger closed a $100 million funding round and kept its $1.5 billion valuation.