Ledger, the famous hardware wallet, will now provide support for wallet-to-wallet transfers.
The feature is being facilitated by Radar Relay, a decentralized exchange platform.
Ledger is known for creating state-of-the-art hardware wallets that provide its customers with the highest level of security functionalities so users can store their cryptocurrency on it without having to worry about its safekeeping.
The company’s wallets have been so popular that they recorded sales of over 1 million units last year.
Radar Relay, on the other hand, is built upon the 0x protocol. It is a relayer service, which means that while it provides exchange technology, it does not actually perform the trade of cryptocurrencies itself.
What it does is do, is, host an off-chain order book to facilitate cryptocurrency exchanges. When the orders are completed and executed through the exchange, they are settled on the blockchain through smart contracts.
Rader Relay is also a member of the Modular Trade Network. It assures its users that since the Radar Relay network never holds any funds and all transaction orders are executed through smart contracts on the 0x protocol, there is no risk of loss of funds through the platform.
Together, Ledger and Radar Relay aim to make cryptocurrency storage and management a smoother process, and that brings them to this new functionality in the Ledger hardware wallets.
How it works
By using the new feature, owners of Ledger wallets can transfer their Ethereum or any other ERC-20 based token to another Ledger wallet through a simple set of steps, cutting the processing time and making the procedure easy for its users.
Before this, users had to withdraw their cryptocurrency from the wallet to transfer it to an exchange platform first, from where they could then utilize their tokens.
However, this feature now eliminates the need for those additional measures.
According to a short tutorial shared by Radar Relay, all that Ledger users have to do to take advantage of this functionality is to plug their device to a computer, from where they can use the Ethereum Application and Radar Relay wallet to transfer their required amount of digital tokens to their desired Ledger user.
This is the first step of its kind and cements Ledger’s reputation as the leading hardware wallets provider. Therefore, it is no surprise that the cryptocurrency community is praising the announcement and the functionality itself due to how it opens doors to an array of possibilities for day to day management of cryptocurrencies.
A good year for Ledger
Apart from selling an impressive number of units last year, the company also recently ran a successful Series B round of funding, which raised around $75 million.
The company plans to utilize these funds towards expansion plans and for further research and development towards security and other subjects that are pertinent to the industry.
With these updates, Ledger will be one to watch this year. It could very well emerge as one of the tech giants of the cryptocurrency industry.