Ledger Adds Algorand Support in Ledger Live, Launches Self-Custody Staking for ALGO
Enabling users to manage ALGO and Algorand Standard Assets (ASA) directly through the Ledger Live software app
Ledger, the global leader in security and infrastructure solutions for critical digital assets and blockchain applications, announced today support for Algorand (ALGO) and Algorand Standard Assets (ASA) in its software application, Ledger Live, bringing the total amount of supported coins to 27 and more than 1500 tokens. Ledger users will be able to securely hold, transact, manage, and stake ALGO directly with their smartphones or desktop using Ledger Live. In addition, Ledger can be used to manage Algorand Standard Assets (ASA), which includes stablecoins (such as USDT), loyalty points, system credits, and single, unique assets issued on the Algorand blockchain that benefit from the same security, compatibility, speed, and ease-of-use as the ALGO.
Ledger Live continues to deliver on its promise to become an all-in-one app for crypto owners. With Ledger Live, users can securely buy, store, and manage digital assets while ensuring top security through Ledger hardware wallets. After announcing the staking feature last year, Ledger continues to add new staking options: Algorand (ALGO) becomes the fourth staking option available in Ledger Live in addition to Tezos (XTZ), TRON (TRX), COSMOS (ATOM) and Polkadot (DOT).
While staking ALGO is currently available through several major exchanges and wallets, they do not provide the same level of security and optionality as Ledger hardware wallets. With Ledger Live, users can stake through a single app while keeping their assets safe with Ledger’s hardware without compromising freedom and control of their private keys.
Unlike other staking coins, where users need to delegate 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. That approach enables a larger group of people to participate and earn rewards, making ALGO one of the most attractive options to earn token rewards. The integration with Ledger Live makes the staking process effortless; users can start receiving rewards following 3 simple steps.
“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,” said Pascal Gauthier, CEO of Ledger. “The integration with Ledger Live will provide users with additional opportunities to earn passive income, ensuring the highest level of control and flexibility.”
“We are excited to further collaborate with Ledger as part of Algorand’s commitment to ensure the highest standard of crypto security,” said Fangfang Chen, COO of Algorand. “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.”
The Algorand integration in Ledger Live comes on the heels of the recently announced integration with Algorand Wallet, one of the first third-party wallet Bluetooth integrations with the Ledger Nano X.