The team of Ledger, creator of the famous hardware wallet, has announced that from now on Algorand (ALGO) staking can be done directly from the device.
Hey! We have a new family member!
Welcome to #Algorand and $algo community supporters! You can now manage and stake your $algo on Ledger Live. https://t.co/pdEWM2IDL7 pic.twitter.com/HcXY9elHqR
— Ledger (@Ledger) September 15, 2020
Thanks to this new update, Ledger will allow managing both ALGO and ASA (Algorand Standard Assets) tokens, not to mention the other 27 cryptocurrencies and over 1500 tokens that the wallet hardware already supports.
The Algorand blockchain has an automatic staking system and depending on the wallet used it is possible to generate ALGO by holding tokens. This staking generates more than 5% APY.
Naturally, a dedicated wallet is required, like the official Algorand or Ledger wallet.
Staking Algorand on Ledger
The official application is available for smartphones and allows to collect the staking rewards simply by depositing ALGO tokens.
In this case, we are talking about staking carried out using a hardware wallet and therefore with an extra guarantee in terms of security.
The staking function on Ledger is not new, it was launched last year and it is now possible to perform this operation to receive Algorand (ALGO), Tezos (XTZ), TRON (TRX) and Cosmos (ATOM) rewards, without the user having to interact with external platforms.
An important step in this ecosystem according to the CEO of Ledger, Pascal Gauthier:
“Algorand’s integration is an important step to widen the array of services offered on Ledger Live in our constant pursuit to provide users with the best crypto experience possible. The integration with Ledger Live will provide users with additional opportunities to earn passive income, ensuring the highest level of control and flexibility.”
A really fast growth, stressed Algorand COO, Fangfang Chen:
“We are excited to further collaborate with Ledger as part of Algorand’s commitment to ensure the highest standard of crypto security. The Algorand ecosystem has experienced tremendous growth since the mainnet launch last year, and we are proud to work with Ledger, the industry-leading security company to provide ALGO holders more opportunities to participate in the network while ensuring security and transparency of the whole Algorand economy.”
However, the news does not seem to benefit the asset, which loses 5% and is traded at around $0.30, moving to position 41 of CoinMarketCap.
