Ledger, the leading cryptocurrency hardware wallet manufacturer, has now sold over 1.3 million units, according to an official blog post on the company’s website. Eric Larchevêque, the CEO of Ledger, said his firm had published a blog in which it explained to users the importance of securing their digital assets by using a hardware wallet.
As CryptoGlobe covered on October 12th, Larchevêque had said that every crypto investor should use a hardware wallet “no matter how large or small their assets.” At present, there does not seem to be a lot of competition in the crypto industry when it comes to developing high-quality devices for securing digital assets offline.
Close Competition Between Trezor And Ledger
According to unofficial estimates shared 8 months ago on Reddit, there had been over 800,000 Trezor hardware wallets sold. It’s quite possible that these estimates might not be accurate, however, many crypto enthusiasts think that Trezor may have sold close to, or just as many, units as Ledger.
In early 2018, Trezor had released its new model T device and there had reportedly been a long waiting list of crypto investors looking to purchase it. Trezor’s other products also appear to be in high demand as they are frequently sold out.
Notably, Ledger’s Nano S wallet can now be purchased from the duty free stores at the Amsterdam Airport Schiphol (AMS), which is Europe’s third busiest airport. Commenting on the rising demand for hardware wallets, Larchevêque said they are generally quite affordable for most people, and more crypto investors now understand the importance of keeping the majority of their digital funds in cold storage.
Hardware wallets are convenient, affordable, portable and backed up by a paper wallet allowing easy recovery in case of loss. This is why hardware wallets are booming in popularity and becoming the new standard bearer for crypto security.
Glitches Found In Ledger’s Software
However, there were some glitches found in Ledger’s software recently – which led to significant losses for users of its Ethereum app for the Chrome browser. To keep user funds secure, Ledger had to temporarily shut down its Ethereum (ETH) and Ethereum Classic (ETC) infrastructures (in early August).
At the time, users had been concerned about whether Ledger’s software had been hacked. After an investigation, the company issued a statement noting that there had been no security breach and that a “wrong address” was being displayed on users’ Chrome-based wallet interface.
According to Ledger, the glitch occurred because of a “side effect when [it] pushed an update to invite users to use the Ledger Live instead of the Chrome app.” The French manufacturer had also promised to refund “100%” of the funds their customers’ might have lost due to the software error.
It’s understandable that any new technology, or even more established platforms, may have technical issues from time to time. Larchevêque noted that Ledger has been actively looking to improve the security of its products as the company is working on “a chip designed specifically to resist highly skilled attackers and a custom OS (operating system) designed specifically to protect crypto assets.”