Crypto Gloss

Ledger

Ledger is a French cryptographic security company founded in 2014 by Éric Larchevêque, David Balland, Nicolas Bacca, and others, producing the world’s most widely used cryptocurrency hardware wallets. The Ledger Nano series (Nano S, Nano X, Nano S Plus, Flex, Stax) uses a custom Secure Element (SE) chip — the same chip technology used in passports and credit cards — to store private keys offline. With over 7 million hardware wallets sold and 20%+ of all Bitcoin in circulation reportedly secured by Ledger devices, Ledger is the dominant consumer hardware wallet brand globally.

Background

Ledger was built by a team with backgrounds in embedded security and smartcard technology. The use of a certified Secure Element chip differentiated Ledger from software wallets and many competing hardware devices. The company raised significant venture funding and expanded from hardware to software (Ledger Live) and institutional services (Ledger Enterprise).

Product Line

Product Description
Ledger Nano S Plus Entry-level hardware wallet; USB-C; supports 5,500+ coins
Ledger Nano X Bluetooth-enabled; mobile compatible
Ledger Stax Premium device with curved E Ink touchscreen (designed by Tony Fadell)
Ledger Flex Mid-range touchscreen hardware wallet
Ledger Live Desktop and mobile companion app for managing assets and staking
Ledger Enterprise Institutional-grade custody platform using Ledger HSM hardware

Security Architecture

Ledger’s wallets use a CC EAL5+ certified Secure Element chip, which is physically tamper-resistant. Private keys never leave the device. Transactions must be manually confirmed on the device’s screen. The security architecture is supplemented by Ledger’s BOLOS (Blockchain Open Ledger Operating System), a custom OS for running apps per blockchain.

Controversies

  • 2020 Data Breach: Ledger’s e-commerce database was hacked, exposing ~270,000 customer shipping addresses and 1M email addresses. Customers subsequently received phishing attacks and physical threats. The company faced significant criticism for storing this data.
  • Ledger Recover (2023): Ledger announced Ledger Recover, an optional ID-verified seed phrase backup service. The crypto community reacted critically, arguing it proved keys could theoretically leave the device and undermined the “your keys, your coins” security model. The product launch was delayed.

Related Terms

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