The cryptocurrency industry is now facing mixed reactions as Ledger recently announced the launch of its new chain and wallet bundle which is meant to promote the security of assets of its users. Called the OnChain bundle, the package consists of a hardware wallet, a USB-C to USB-A cable, and three recovery sheets with a keychain strap. It is designed to be compatible with both phones and desktops, and the wallet requires periodic connection with a computer in order to receive firmware updates.

Ledger have described the product as a ‘fashionable way’ to ensure users take their crypto wallets offline and wrap them around their necks. However, the launch has received severe backlash from the crypto community, with many mocking the idea and claiming it creates a ‘mug me’ look. Ryan Wyatt, President of Polygon Labs, said sarcastically “Taking ‘snatched his chain’ to a whole different level with this one, lads”.

In addition to this, people have expressed confusion and concern about the security lapses the wallet overlooks. Whilst taking a wallet off the internet provides a layer of security, allowing it to be physically carried on the person makes it extremely vulnerable as it can be stolen. Jon Radoff, CEO of Beamable gaming platform expressed his confusion asking if “the marketing person had ever owned a single coin”.

Rapper Snoop Dogg has recently been photographed wearing the product, which appears to be a custom-made Ledger Nano X necklace coated in gold and diamonds. This was done to commemorate the artist’s Death Row Records label and supposed endorsement of crypto self-custody.

Ledger have defended their launch by stressing the importance of key segregation as a way to protect digital coins. However, as the company experienced a string of data breaches in 2020, the concern of SIM swapping attack vectors has now been heightened.

Despite the criticism and confusion around the product, Ledger’s Chief Experience Officer, Ian Rogers, believes that carrying a secure device with a cell phone, keys, a small amount of cash, and credit cards will become a ubiquitous feature in the future. He compared wearing the nano chain to carrying expensive gadgets and earbuds and stated: “Regardless of if you have your Nano on a chain or not, practice good OpSec and use best practices to store your recovery phrase!”



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