10/26/0002 Space Age.
Published By Josiah Wilmoth
Cryptocurrency web wallet provider Blockchain has struck a deal with hardware wallet producer Ledger to manufacture a custom hardware device that will allow Blockchain users to seamlessly manage their online and offline funds through a single familiar interface.
CCN reported yesterday that Musk made the tongue-in-cheek quip about offering bitcoin for sale in response to a question from a follower about whether Tesla accounts would soon begin utilising 2-factor authentication for added security. The joke was made in reference to the 2-factor authentication security protocol commonly deployed by crypto trading platforms like Coinbase and Circle, but Twitter apparently did not see the funny side of it. His account was temporarily locked on suspicion of being hacked while the platform investigated and eventually unlocked it.
Unveiled on Thursday, the Blockchain Lockbox, is, according to an announcement, a “first-of-its-kind hardware and software” solution. Leveraging the strengths of both companies, the Lockbox will provide Blockchain users with a way to move a portion of their funds offline, further securing them from hacks, while also having the option to leave funds in the firm’s non-custodial web wallet, which can be accessed apart from the hardware device.
“The Lockbox is a reflection of what our companies both do best. We’ve created an elegant software and hardware integration that offers more functionality than previously existed in our space. We’re thrilled to offer the Lockbox to Blockchain users so they can easily manage their funds online and offline seamlessly,” said Peter Smith, CEO and co-founder of Blockchain.
The device appears to utilize Ledger Nano S hardware, though it features custom Blockchain firmware rather than the standard version. Ledger said that deliveries of the device, which is now available for preorder for $99.99, should begin in mid-November.
“With stories about crypto hacking continuing to dominate headlines, it’s obvious that security must be top of mind for all stakeholders in the crypto space,” added Pascal Gauthier, president of Ledger. “With the combined forces of Blockchain and Ledger, users are truly getting the best of both worlds. Our partnership with Blockchain is the first of its kind, but as two companies hyper-focused on crypto security, it’s one that’s a natural fit.”
Notably, the announcement said that existing Ledger customers will have the option to pair their Nano S wallets to the Blockchain wallet, providing them with the abilities to manage their online and offline funds together as well as access Blockchain’s inter-wallet trading feature.
Trezor, another large cryptocurrency hardware wallet manufacturer, recently updated its wallet management interface to allow users to trade between cryptocurrencies via brokerage services ShapeShift and Changelly.
However, both Ledger and Trezor could soon face a stiff challenge from electronics giant Sony, who, as CCN reported, this week unveiled a cryptocurrency hardware wallet system that it said it plans to “commercialize” in the future. Sony’s wallet, which is the size of a credit card, uses contactless IC technology to store private keys offline while allowing users to easily sign transactions from NFC-enabled mobile devices.