Staking in cryptocurrency has evolved so much that everyone’s point of discussion revolves around it. As it should be, because who doesn’t like to earn interest on the money invested? Nobody right? And to increase the security of the funds of the user’s hardware wallets that are developed by Ledger had become an important part of it. Though the crypto hardware wallet is not a new concept, it has always been present. But the staking through these hardware wallets is a new concept. Now let’s take a closer look at Ledger Staking.
There are many currencies available that can be traded on PoS. But if we talk about Ledger staking then there are only 5 crypto assets that can be traded on it. Those 5 coins are named as follows:
But it does not mean that you cannot trade other cryptocurrencies on a ledger wallet. In most cases, an application has to be downloaded in the ledger wallet which will enable the live staking for the users.
Security Services of the platform
Like the other cryptocurrency exchanges ledger wallet also gives the users a seed phrase to store for enhancing their security. The length of the seed phrase is 24 words and in addition to it, a 25th word is provided which is known as a “passphrase” and is set as per the choice of the user.
Unlike other cryptocurrency software wallets, these hardware wallets are known considered more secure because it is nearly impossible for a hacker to hack them. Hence this makes it more appealing for the users to do ledger staking. But these wallets cannot be used on multiple devices so it is necessary for you to store your seed phrase for security purposes.
The ledger staking can be done by using 2 ways and one of the processes is described as follows:
Staking through Ledger Live
The function of Ledger Live is to store digital assets and manage them for the users. And to also facilitate the staking process. The process is:
The other method of staking is using third-party wallets which is not explained in this blog.
If you want to know the best wallet for the Ledger staking, then you should go for Ledger Nano X. This wallet is famous among all the ledger wallets. Though this wallet is a little costlier for the users but if you want to trade in multiple cryptocurrencies then it should be preferred.