How to Manage your Crypto with your Ledger Device
| – Ledger Live can be used for installing applications onto your device, as well as managing 23 different cryptocurrencies|
– Many other crypto assets can be managed through wallet applications created by third party developers and communities
– Some crypto assets can be managed through both Ledger Live and a third-party wallet
Ledger Live is the all-in-one tool to manage your crypto through your Ledger device, creating a convenient and user-friendly experience. It is, however, not the only wallet application that can be used to manage your precious crypto assets. Today, we’d like to show you why this is the case.
Managing with Ledger Live
In July 2018, we’ve released the first version of Ledger Live. Prior to this, you’d have individual wallet applications for different crypto assets, as well as a separate program for installing applications onto your device. To provide you with the best user-experience, we’ve created Ledger Live. This combined all previous programs into a single one – as well as providing a lot of extra features previously unavailable such as staking and managing your ERC20 tokens. And we’re still looking at new and exciting features to be integrated!
All in all, Ledger Live has been created to provide you – our community – with the best possible crypto experience. Currently, a total of 23 crypto assets can be managed directly through Ledger Live*
Why Using Third-party Wallets Matters
While you do need Ledger Live for installing any application onto your hardware wallet, you might have noticed that not all cryptocurrencies compatible with Ledger devices can be managed through Ledger Live. They can instead be managed through dedicated third party wallet applications. These wallet applications are created by companies or communities that are not directly linked to Ledger. You can see which crypto asset can be managed through which wallets on this page.
There are even quite a lot of crypto assets that can be managed through Ledger Live as well as a third party wallet application. The security principle works in a similar way: your device is keeping the private keys to your cryptocurrency accounts completely offline.
So why use third-party wallets? Let’s take a closer look into a few of the reasons:
A lot of applications for the Ledger Nano X and Ledger Nano S are not created by us – they are often developed and submitted by third-party developers and communities that would like to see their favorite crypto asset supported on Ledger devices. We’ve dedicated a program to enable this. Naturally any application that’s submitted will be reviewed by Ledger to make sure that it meets our standards.
Along with these apps, a dedicated wallet application is often created to allow everyone to manage the crypto asset for which they made the application. We are extremely grateful to all the wonderful communities and developers who have helped made support for dozens of crypto assets possible through this fashion.
Quite a lot of major crypto assets that are manageable through Ledger Live can also be managed through third party wallets. A popular example would be for Ethereum: while it’s natively supported – including for ERC20 token asset management – your device can equally be connected to My Ether Wallet or MyCrypto to manage your ETH. The same goes for Bitcoin with Electrum.
There is an important use to this, however. While quite rare, an explorer serving Ledger Live for a specific crypto asset could go down. This would mean that you cannot use Ledger Live to manage that cryptocurrency during the outage. By connecting your Ledger device to a third party wallet, you can still continue to transact with your cryptocurrencies.
Ledger Live’s Future
The latest release of Ledger Live (version 2.0) added a lot of new, useful features. One of which is to be able to filter which cryptocurrencies can be managed directly through Ledger Live. For any crypto asset that cannot be managed natively, it’ll direct you towards an article showing how you can instead manage it.
Not only that, but we are continuously looking into adding more and more cryptocurrencies to Ledger Live and are excited for a new crypto asset that should be coming soon.
* As of 12/03/2020 – may evolve over time