Ledger Revamps Hardware Wallet Lineup, Unveiling Cheaper Flex Model and Price Hike for Stax
French cryptocurrency storage company Ledger is shaking things up in the hardware wallet market with a major product revamp. The company is increasing the price of its recently released Ledger Stax by 40% to $399, just three months after sending it to pre-order customers. Alongside this price adjustment, Ledger is launching a new, cheaper model called Ledger Flex, priced at $249.
Key Takeaways:
- Price hike for Stax: Ledger Stax, originally priced at $279, will now cost $399, marking a significant 40% increase.
- Introduction of Ledger Flex: The new Ledger Flex, retailing at $249, is a smaller and more affordable model compared to Stax, featuring an E Ink display and a design reminiscent of the iPod.
- Expanded use cases: Both Stax and Flex will now offer two-factor authentication capabilities for logging into apps like Google, Amazon, Coinbase, and Binance, aiming to reach a wider audience beyond just cryptocurrency enthusiasts.
- Delayed Stax release: The launch of Ledger Stax was plagued with delays due to supplier bottlenecks affecting the production of the device’s curved E Ink display.
The news comes amid a period of renewed interest in self-custody of cryptocurrencies, with individuals seeking greater control over their digital assets. Ledger, which claims to secure over 20% of the world’s crypto with its devices, sees the updated lineup as a way to broaden its reach and make self-custody more accessible.
Pascal Gauthier, chairman and CEO of Ledger, stated, "Our new secure touchscreen category will make self-custody more accessible than ever before for more consumers and enterprises."
The Ledger Flex is designed to be compact and easy to use, fitting comfortably in a pocket or wallet. It features a 2.8-inch E Ink display, allowing users to view their balances, transaction history, and manage their cryptocurrency portfolio. Just like Stax, the Flex enables viewing NFTs on the device thanks to the E Ink display.
Both the Ledger Stax and Flex support a wide range of cryptocurrencies, including Bitcoin, Ethereum, Cardano, and Solana, as well as NFTs. Users can store their private keys, the crucial alphanumeric codes required to authorize transactions and prove ownership of their crypto wallets, on these devices.
By introducing two-factor authentication capabilities, Ledger aims to expand the use of its hardware wallets beyond just cryptocurrency transactions. Users can now utilize their Ledger Flex or Stax to secure access to various online services, providing an added layer of security. Simply waving the Ledger Flex over a smartphone during a login attempt triggers the NFC chip to approve the sign-in.
This move is strategically aimed at attracting users who might be wary of relying solely on centralized services provided by large tech companies. Ledger’s own crypto trading service, Ledger Live, allows users to connect their Ledger Stax and Flex devices to manage their portfolio, check for device authenticity, and install new apps.
The delayed launch of Ledger Stax faced a series of production hurdles, most notably a challenge in obtaining the curved E Ink display for the device. Ledger’s Gauthier spoke about the difficulties in securing this critical component, stating that it was finally resolved, with the curved E Ink display successfully integrated into the Stax design.
Moreover, the Stax features a unique design with built-in magnets, allowing users to stack multiple devices together like credit cards.
To prepare for the launch of the new Flex model, Ledger has been working on improving its supply chain to meet anticipated demand. Both the Ledger Flex and Stax are manufactured by Foxconn, a major Taiwanese electronics manufacturer and supplier to Apple, in a production facility located in Vietnam.
With the introduction of the more affordable Ledger Flex and the expanded use case capabilities for both models, Ledger seeks to position itself as a leading player in the hardware wallet market, catering to a wider range of users and promoting the adoption of secure self-custody practices for digital assets. The company’s commitment to innovation and user-friendliness, coupled with the growing demand for self-custody solutions, suggests that Ledger is well-positioned to capitalize on the continued growth of the cryptocurrency industry.
