Ledger, the famous popular hardware wallet company, has added support for Algorand‘s ALGO token and Algorand Standard Assets (ASA) to the list of wallet-compatible assets available on Ledger Live, its desktop app, allowing holders to store and stake the asset.
Pascal Gauthier, the CEO of Ledger, explained:
“Algorand’s integration is an important step to widen the array of services offered on Ledger Live in our constant pursuit to provide users with the best crypto experience possible. The integration with Ledger Live will provide users with additional opportunities to earn passive income, ensuring the highest level of control and flexibility.”
The assets built using proof-of-stake technology mean holders can earn passive income by helping to provide consensus for the associated blockchain.
Rather than delegating funds to earn rewards (DPos), Algorand uses a unique, permissionless, pure proof-of-stake (PPoS) protocol that allows anyone to participate in the Algorand network proportionally to the amount of ALGOs they have in their wallets.
Algorand holders can now stake their ALGO coins passively while storing them on their Ledger wallet devices by interacting with their holdings as needed through the Ledger Live desktop interface.
“We are excited to further collaborate with Ledger as part of Algorand’s commitment to ensure the highest standard of crypto security. The Algorand ecosystem has experienced tremendous growth since the mainnet launch last year, and we are proud to work with Ledger, the industry-leading security company to provide ALGO holders more opportunities to participate in the network while ensuring security and transparency of the whole Algorand economy.”– said Fangfang Chen, COO of Algorand
Also, the hardware wallet provider boasts staking and storage compatibility for Tron (TRX), Cosmos’ ATOM and Tezos (XTZ). Ledger has made a number of headlines in 2020, including a rough patch the company faced, which included a data breach and wallet vulnerability.
Ledger Live now has increased the total amount of supported coins to 27 and more than 1500 tokens.