Ledger Wallet Adds DeFi Tracking

Ledger Hardware Wallet Partners With Merlin

Ledger made the announcement about its new partnership with Merlin on Tuesday. Merlin is a DeFi portfolio tracker. Ledger claims that the cooperation will make it possible for users of its Ledger Live app to see real-time information for DeFi networks.

In the meanwhile, the Ledger Live app enables users to connect to the cold storage wallets offered by the company, and it currently has approximately 5 million users. In addition, the Ledger Live application can be used in conjunction with the company's hardware wallets at this time.

The most recent iteration of the DeFi tracking tool can keep an eye on the analytical performance of over a thousand different protocols spread out across 10 different blockchains. Users are also provided with reports detailing profits and losses, performance indicators, calculated yields, and the amount of money spent on petrol.

Elie Azzi, chief product officer at Merlin and one of its co-founders, stated that the collated data would make it easier for investors to navigate their portfolio. Users will have a tough time compiling all of their transaction data without repeatedly accessing each platform, which makes it a challenging task. This places them in a position where they are susceptible to harm and peril, as Azzi pointed out.

In addition, Azzi asserted that the cryptocurrency industry's decentralized structure was flawed from the beginning, which made it vulnerable to attack. He demonstrated his claim by referring to the big breaches and attacks that were carried out on crypto firms both in 2022 and in 2022.

Users of Cryptocurrencies Are Increasingly Using Cryptographic Hardware Wallets

The cryptocurrency industry is attempting to reconstruct itself as crypto businesses move toward more transparent business practices. According to the Chief Executive Officer of Merlin, users are demanding open and transparent crypto solutions.

As a result, the most recent iteration of the DeFi tracking tool will give customers the ability to directly claim prizes from any device. Jean-Francois Rochet, who serves as the Vice President of International Development for Ledger, noted that these additional integrations would assist improve the user experience.

Users of cryptocurrencies have begun shifting their cash away from centralized exchanges (CEX) and into hardware wallets after the collapse of the FTX exchange. As FTX rose to prominence as one of the largest cryptocurrency exchanges worldwide, users' trust in CEX began to erode.

As a direct result of this, cold storage wallet businesses saw an increase in customer traffic. For instance, sales at the hardware wallet company Trezor increased by a factor of 300 percent during the course of the drama.

In addition, many significant actors in the cryptocurrency sector advocate for consumers to adopt the self-custody model. Among them are Vitalik Buterin, who is credited with founding Ethereum, and Changpeng Zhao, who is the Chief Executive Officer of Binance.

One month ago, Binance Labs made an investment in Ngrave, a cryptocurrency hardware wallet firm based in Belgium. The startup intends to take the lead role in the forthcoming Series A funding round. Binance Labs