iPod creator Tony Fadell launches crypto wallet
Tony Fadell, an executive at California's center for global innovation and high technology, Silicon Valley, disclosed on Tuesday the launch of a hardware crypto wallet to store cryptocurrency offline.
A hardware wallet securely stores a user's private keys or passcodes in cold storage. This means that the wallet is not connected to the internet. Hot wallets, on the other hand, are always connected to the internet and allow their users to send, store and receive coins and tokens.
Fadell’s hardware wallet was created in partnership with Ledger, a France-based technology firm that develops secure infrastructure solutions for blockchain applications and cryptocurrencies used by individuals and companies.
Why is Tony Fadell launching a hardware wallet?
Tony Fadell decided to launch a hardware wallet due to the increasing demand for self-custody (non-custodial) wallets from millions of cryptocurrency traders and investors. While custodial wallets, such as holding an account with Binance or Coinbase, see representatives of such exchanges hold the private keys to your crypto holdings, non-custodial wallets ensure you have access to your private keys or passcodes. Demand for hardware wallets is increasing because of the collapse of FTX, which led to an industry-wide bloodbath that saw the halting of deposits and withdrawals across several exchanges.
Fadell's hardware wallet means people can hold their digital assets outside the confines of exchange representatives and away from cyber criminals. Fadell chose Ledger because it is a crypto hardware wallet maker serving clients in more than 200 countries and has sold more than five million wallets across the globe. While previous products by Ledger, like the Nano S and Nano X, were modelled after USB sticks, the new design, Ledger Stax, is shaped like a credit card. It features an electronic-ink display and a curved spine. The Ledger Stax will be on sale from early 2023 and will sell for $279.
Fadell, now in his 50s, spent close to 10 years under Steve Jobs during his time at Apple Inc. It was during that period that he helped create iPhone. The crypto wallet market is forecast to grow to $686.05 million by 2026, according to a November 2022 report by Technavio, a global advisory and technology research company.
The report mentioned Ledger as one of the companies that will help the crypto wallet market reach the projected valuation. Other companies that will contribute to the growth of the crypto wallet market include, but are not limited to, Binance Services Holdings Limited, BitPay Inc., Exodus Movement Inc., Gemini Trust Co. LLC, Trezor Company, and ShapeShift AG.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.