The Ledger Live application now offers the possibility to exchange cryptocurrencies through the FTX platform. This new feature combines the convenience of a centralized platform with the security of a hardware wallet
Ledger and FTX join forces to offer the best of both worlds
The well-known French hardware wallet manufacturer Ledger is now integrating FTX into its application. Specifically, the app has an interface for exchanging cryptocurrencies, which is actually linked to the exchange’s services:
Ledger joins forces with @FTX_Official to bring you the best and most secure trading experience!
You can now swap 120+ crypto assets with FTX through Ledger Live.
Swap more coins, with lower fees, while retaining self-custody of your assets!
https://t.co/K9WbyEC1Md pic.twitter.com/LgzZAn84R6
– Ledger (@Ledger) July 6, 2022
As shown in the video in this introductory tweet, Ledger Live offers a new ‘Swap’ tab. This tab allows users to connect to their FTX account from within the application.
Thus, this new feature avoids additional cryptocurrency manipulations. It is not necessary to send funds to a central platform and then to transfer them back to the hardware wallet. Everything happens directly on the wallet, which adds a significant layer of security. Beyond this security, it also saves time and transaction costs.
In total, FTX allows for over 120 different assets to be traded from Ledger Live and offers a combination of over 7,000 different pairs.
An increasingly comprehensive ecosystem
According to Pascal Gauthier, CEO of Ledger, the company secures 20% of the cryptocurrency capitalization and more than 5 million keys have already been sold. But far from limiting itself to the sale of hardware wallets, the company is creating a real ecosystem.
For example, through its browser extension called Ledger Connect. For the moment, this is only available in beta on iOS with the Safari browser, but when it is officially released, it will offer more complete functionalities than other extensions like MetaMask. For example, thanks to the plaintext signature :
We’re on a mission to make blind-signing a thing of the past.
That’s why we updated our Ethereum app to support EIP 191, letting you clear-sign (verify human-readable messages) when connecting with many Dapps, including NFT marketplaces like @rarible, @LooksRare & @opensea! pic.twitter.com/SNsiiTqI0a
– Ledger (@Ledger) June 30, 2022
The advantage of this feature is that you can see what you are signing. This avoids giving unwanted authorisation to a fraudulent smart contract, capable of draining our funds. Initially, Ledger Connect will support the Ethereum (ETH) and Solana (SOL) blockchains.
Regarding the Ledger Live catalogue, the application also integrates other services in the “Discover” tab. It is thus possible to use services such as the cash aggregators ParaSwap (PSP) and 1inch (1INCH), or the lending and borrowing protocol Alkemi (ALK).
While the world of cryptocurrencies can be complex for a newcomer, the notions of security can be even more difficult to digest. This is why initiatives such as these are needed, to allow democratisation to take place in optimal comfort, without newcomers risking a loss of their funds.
