Cardano’s ADA Cryptocurrency Compatible with Ledger Nano S after Yoroi Wallet Integration
The Cardano Foundation has announced that users can now store their private keys securely on the favorite Ledger Nano S cryptocurrency wallet. With the addition of Cardano, Ledger’s Nano S now supports all of the top ten cryptocurrencies by market cap, including bitcoin, ether, and XRP.
ADA Community Hint
The Cardano Foundation inked a partnership deal with the leading cryptocurrency hardware manufacturer, and this has led to the development of enabling users to hold their ADA tokens on the flagship Ledger Nano S Wallet.
The big announcement made via Cardano’s official Twitter handle stated:
“Cardano is now supported by Ledger! This initiative has been sponsored by the Cardano Foundation through funding the development of the Cardano Ledger app and associated software libraries.”
IOHK CEO Charles Hoskinson dropped a hint to the ADA community on March 14, 2019, when he posted a picture with a Ledger wallet with a Cardano logo on Twitter despite ever giving any further details about the wallet support.
Compatible with Yoroi Wallets
Ledger Nano S is a leading cryptocurrency cold storage wallet, and this new partnership enables Cardano (ADA) holders safely store their cryptocurrency in a Ledger wallet. The decision was announced by both Ledger and Emurgo, Cardano Foundation’s commercial arm.
Eric Larchevêque, CEO of Ledger stated:
“Our integration with Cardano is something the Ledger community has been looking forward to for a long time. We are constantly working to respond to the needs of our customers, so we’re thrilled to officially welcome Cardano to the Ledger platform, offering ADA investors world-class security for their crypto assets.”
As per the report, the wallets will become fully compatible with Yoroi wallets, which are ADA’s native wallets created by Emurgo. Emurgo’s CTO Nicolas Arqueros has said the integration of the two wallets is an important development for Emurgo and the Cardano community and believes this partnership will take their firm to the next level.
“This is an event people have been looking forward to for the past year […] it foreshadows many more exciting commercial developments we have in store for Cardano in 2019.”
The move by Cardano is such an important one primarily because the cryptocurrency community sees Ledger as a leading wallet, recently certified by the French government. With cryptocurrency exchanges losing millions of dollars due to hacking incidents, it only shows that centralized exchanges are rarely safe for storing digital assets.
Beginning with the Mt. Gox hacking incident of 2013 for which the CEO escaped with a two and a half year suspended sentence to the QuadrigaCX fiasco who’s CEO died taking along the private keys to the grave, having a secure cold wallet makes a lot of sense.