Ledger
Ledger is a hardware wallet manufacturer using secure element (SE) chips to protect private keys. One of the most widely sold hardware wallets globally.
Properties
| Property | Detail |
|---|---|
| Form factor | USB (Nano S, Nano X, Stax, Flex) |
| Firmware | Closed-source; open-source companion app |
| Key storage | Secure Element chip |
| Connectivity | USB / Bluetooth (Nano X) |
Controversy: Ledger Recover (2023)
Optional service that encrypts and shards a user's seed via third parties (Coincover + self-custody shards). Generated backlash from the self-custody community for introducing trusted parties into the backup flow.
Trade-offs
| Pro | Con |
|---|---|
| Widely available | Closed-source firmware |
| Secure Element | Ledger Recover controversy |
| Bluetooth support | Proprietary software stack |
Round Rock meetups note: "Ledger: closed-source, Secure Element" — node meetup; "Ledger — closed-source, HSM" — privacy meetup