The aim of the not-for-profit foundation is to “support the development and standardization of new distributed ledger technologies (DLT), including the IOTA Tangle,” which is “an innovative type of DLT specifically designed for the Internet of Things (IoT) environment.”
Here is how the foundation announced the news on Twitter:
— IOTA (@iotatoken) November 2, 2018
The post on IOTA Foundation’s blog that was referenced in the above tweet was written by Dr. Navin Ramachandran, who explained that this integration with Ledger means that owners of the very popular cryptocurrency hardware wallet “Ledger Nano S” will now be able to protect “the private keys giving access to their IOTA tokens in a state-of-the-art secure chip.” He went on to say that Ledger’s hardware wallets “integrate with the IOTA Trinity and Romeo Wallets and isolate user’s seeds (the key for their account) from their computer or smartphone, providing another layer of security from hackers.”
Eric Larchevêque, co-founder and CEO at Ledger, said:
“Providing the highest level of security and quality is a major focus at both Ledger and IOTA. The collaboration between the teams created an immediate synergy concentrated on developing a compatibility feature allowing users to access, store and manage IOTA tokens on Ledger devices. We are thrilled to welcome IOTA onto the Ledger platform.”
As for David Sønstebø, co-chair and co-founder of IOTA Foundation, he stated:
“Hardware wallets are regarded as the safest way to store cryptocurrencies. At IOTA, we made a commitment to delivering the safest and most usable standalone cryptocurrency wallet. The Trinity wallet is well on its way to fulfilling that commitment, and today we are proud to announce the next step on the journey. Ledger has earned a strong reputation for security and reliability, and this made it a natural choice for integration with Trinity. We are proud of how our community, the IOTA developers and the Ledger team have worked together to make this possible.”
The IOTA application, which has been developed by IOTA community developers, can be installed on a Ledger wallet via the latest version of the “Ledger Live” desktop app (available for Mac, Windows, and Linux).
According to data from CryptoCompare, at press time, IOTA is trading at $0.4856, up 3.5% in the past 24-hour period.
Featured Image Courtesy of Ledger