The team at Figment is pleased to announce a continuation of our collaboration with Ledger, bringing Ethereum staking to the Ledger Live application.
This collaboration gives ETH token holders “the ability to stake their Ethereum in increments of 32, directly through their Ledger devices.”
The Ledger Live app simplifies “the process of Ethereum staking for users who self-custody ETH on Ledger wallets.”
By integrating with the Ledger Live dashboard, this collaboration “offers a seamless and secure staking experience, directly from the trusted interface of Ledger Live.” As a hardware wallet provider, Ledger’s collaboration with Figment underscores our commitment “to enhancing user autonomy and security.”
The core appeal of a Ledger wallet lies in its commitment “to security and self-custody.”
Unlike keeping your assets on an exchange where they are “under the control of a third party, a Ledger wallet ensures that you, as the owner, retain full control over your digital assets.”
Self-custody means that the owner(s) of digital assets “control the private key that enables the transfer of their digital assets.”
It is very important to keep this private key written down, and “stored safely offline.”
Keep in mind, If your assets are on an exchange, the exchange “controls your assets and gives you permission to move those assets off of the exchange.”
If the exchange is compromised, your assets can “be irrecoverably lost.”
By self-custodying your assets in a Ledger hardware wallet, you “mitigate the risks associated with third-party control, adhering to the adage “not your keys, not your coins.”
It’s worth noting that Ledger has a relatively long history with poor operational security, meaning that Ledger’s clients have had their personal information leaked on a massive scale – including the physical addresses and other sensitive information following major security breaches. Ledger has also been storing clients’ private keys in a manner that could potentially compromise the safety and security of users’ assets, even if stored on a hardware wallet.
Moreover, one must be very careful when acquiring crypto hardware wallets and always make sure you are purchasing such items from the actual company. Never buy from third-parties because they can tamper with the firmware and other components in such a manner that your funds could be stolen. With that being said, it is always best to keep a low profile online and offline.
As explained in a blog post, staking is a way to “earn passive rewards by securing tokens on a Proof-of-Stake network.”
Tokens can be staked, or locked “into a protocol in exchange for the chance to produce a block, which in turn you receive a reward.”
Locking your tokens is essential “for the operation, security, scalability, and decentralization of the protocol. Staking your tokens allows you to earn new issuances (also known as rewards) from the network.”
By choosing to stake through Ledger Live, users gain “complete control over their digital assets thanks to the self-custody model.”
This approach contrasts sharply “with other staking methods that might involve third-party custodians or exchanges.”
Staking through Ledger Live means you’re “not just participating in the network and earning rewards, but also doing so with the assurance that your assets are secured in a reliable environment – your Ledger hardware wallet.”
This method simplifies the staking process, “reduces potential security risks, and avoids the common pitfalls like complexity and lockup periods associated with other staking solutions. With Figment’s professional validator services and Ledger’s proven track record, staking through Ledger Live emerges as a compelling, straightforward, and secure choice for Ethereum stakers seeking both autonomy and peace of mind.”
Staking through Ledger Live and Figment has clear benefits:
- Professional validator services: Figment has one of the most secure and reliable blockchain infrastructure built from the ground up to maximize security and minimize risk. Learn more about our infrastructure here.
- Convenience and security: By choosing Figment validators on Ledger Live, your coins are staked in one of the world’s most secure environment. You can gain rewards while securely holding your crypto in your Ledger hardware wallet. You own your own private keys.
- Self-custody: Only you have the possession of your cryptocurrencies. Remember: not your keys, not your coins.
- Multiple currencies supported: Ledger hardware wallets allow you to securely stake multiple coins simultaneously.