The Next Level of Ledger Live: Staking and Tezos Support
In 2018, we proudly unveiled Ledger Live, an easy-to-use global solution that allows you to manage your crypto assets in one place. Through Ledger Live you can check your balance, send and receive 23 coins & over 1250 ERC20 tokens in real-time through a single app without ever compromising control of private keys.
Our goal with Ledger Live is to truly allow users to secure, seamlessly manage and grow their assets in one single place. As we look to continuously improve the Ledger experience, today we’re excited to announce that our latest version of the application, for both desktop and mobile, now supports Tezos (XTZ). With this addition, Ledger Live users can now grow their assets through staking Tezos as well.
The Benefits of Staking Tezos
The Tezos cryptocurrency (XTZ or “tez”) and blockchain are different from many other types of cryptocurrencies. The aim of Tezos is to help token holders work together to make decisions that will improve the protocol over time.
Tezos allows users to earn rewards for contributing to the network’s security, a process known as staking (“baking” in Tezos). Staking is described as a well-known way for holders to earn passive income. For a simple comparison, the process of staking is said to be similar to the interest paid by a bank over the funds in your bank account. You can read more about staking in Ledger Academy for a deeper dive on this subject.
Integration in Ledger Live
While staking Tezos is currently available on several major exchanges, these exchanges do not provide the same level of security and optionality as Ledger hardware wallets. With today’s announcement, users can now manage and earn XTZ rewards through Ledger Live, while still ensuring top security through their Ledger hardware wallets. Ledger offers users more control over staking: unlike on exchanges where users are giving up their rights to choose who to delegate to, by using Ledger Live you are able to select from a wide list of validators based on your own preferences.
Securely managing and earning XTZ has never been easier – you can now do it in one single app without the hassle of using several wallets. All it takes is 3 simple steps.
We’ve heard our community’s feedback and have been working closely with members of the Tezos community to make this process more convenient for all. Users are now able to create and/or import Tezos accounts, stake XTZ, and passively earn rewards for doing so.
If you previously managed Tezos accounts on your Ledger hardware wallets via other interfaces, this can now be done through Ledger Live.
Today’s integration of Tezos 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. Earlier this year we announced native support for over 1,250 ERC-20 tokens as we continue to make Ledger Live more accessible to the crypto community. The combination of Ledger Live and our industry leading hardware wallets is a global solution to easily manage your assets and become your own banker.