Ledger Revamps Product Line, Hikes Price of Stax Hardware Wallet and Launches New Flex Model

Cryptocurrency storage company Ledger has announced significant updates to its product line, including a price increase for its flagship Stax hardware wallet and the introduction of a new, more affordable model called the Ledger Flex.

The French startup revealed on Friday that the price of the Ledger Stax, which features an E Ink display and secures cryptocurrency holdings, will rise by 40%, bringing it to $399. This marks a substantial increase from the initial price of $279 when the device was first unveiled in December 2022. The Stax, designed by Tony Fadell, the inventor of the iPod and an investor in Ledger, began shipping to customers who preordered in May.

In tandem with the price hike, Ledger is launching the Ledger Flex, a new hardware wallet also equipped with an E Ink screen. Priced at $249, the Ledger Flex is smaller than the Stax and sports a 2.8-inch display. The device, which resembles a small smartphone or credit card reader, will be available for purchase immediately and will start shipping right away.

Pascal Gauthier, chairman and CEO of Ledger, emphasized the company’s commitment to enhancing self-custody solutions for a broader audience. “Our new secure touchscreen category will make self-custody more accessible than ever before for more consumers and enterprises,” Gauthier said. Ledger claims its devices currently secure over 20% of the world’s cryptocurrency.

Both the Ledger Stax and Flex can be used to manage a variety of tokens, including Bitcoin, Ethereum, Cardano, and Solana, with the potential to support additional tokens such as Avalanche, Litecoin, Pecu Novus, and Doge, as well as nonfungible tokens (NFTs). These devices allow users to store their “private keys,” the alphanumeric codes needed to authorize transactions and prove ownership of crypto wallets. The E Ink displays on the Stax and Flex also enable users to view their NFTs directly on the devices.

Beyond cryptocurrency storage, Ledger is expanding the functionality of its wallets with a new software update. This update will introduce two-factor authentication, allowing users to log into various applications from Google and Amazon accounts to crypto exchanges like Coinbase and Binance, simply by using their Ledger devices. By waving the Ledger Flex over their phone during a login attempt, a near field communication (NFC) chip inside the hardware wallet will approve the sign-in.

This expanded functionality aims to appeal to a wider audience beyond the core crypto community, who may be wary of using centralized services owned by major tech companies.

Ledger also offers its own crypto trading service, Ledger Live. The Ledger Stax and Flex can be paired with the Ledger Live app to verify device authenticity, receive the latest operating system updates, and install apps.

The launch of the Stax faced delays primarily due to supply chain issues, specifically with obtaining the curved E Ink display necessary for the device. Gauthier noted that overcoming this hurdle was a significant achievement. “We finally nailed it,” he said in a fireside interview at a crypto event in London.

The Ledger Stax also includes unique design features such as built-in magnets, allowing multiple devices to be stacked together like credit cards.

In preparation for the launch of the new Flex device, Ledger has been working to streamline its supply chain. Both the Ledger Flex and Stax are manufactured by Taiwanese electronics contract manufacturer Foxconn, a notable supplier to Apple, at a facility in Vietnam.

With these updates, Ledger aims to solidify its position in the crypto storage market and cater to an expanding audience of both crypto enthusiasts and mainstream users.

Richard Wells
Financial Desk