The team of Ledger, creator of the famous hardware wallet, has announced that from now on the staking Algorand's (ALGO) can be performed directly from the device.
Hey We have a new family member!
– Ledger (@Ledger) September 15, 2020
Thanks to this new update, Ledger will allow to manage tokens SOMETHING and HANDLE (Algorand Standard Assets), not to mention the other 27 cryptocurrencies and 1,500+ 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 bet generates more than 5% APY.
Naturally, a dedicated wallet is required, such as the official Algorand or Ledger wallet.
Algorand staking on Ledger
The official app is available for smartphones and allows you to collect staking rewards simply depositing ALGO tokens.
In this case, we are talking about staking carried out through hardware wallet and therefore with an extra guarantee in terms of security.
The staking function in Ledger is not new, it was launched last year and now it is possible to perform this operation to receive rewards from Algorand (ALGO), Tezos (XTZ), TRON (TRX) and Cosmos (ATOM), without the user have to interact with external platforms.
An important step in this ecosystem according to the CEO of Ledger, Pascal Gauthier:
“The Algorand integration is an important step in expanding the range of services offered at Ledger Live in our constant quest to provide users with the best possible encryption experience. Integration with Ledger Live will provide users with additional opportunities to earn passive income, ensuring the highest level of control and flexibility. ”
Really fast growth, Algo noted and the COO, Fangfang chen:
“We are excited to continue collaborating with Ledger as part of Algorand's commitment to ensuring the highest standard of cryptographic security. The Algorand ecosystem has seen tremendous growth since the launch of the mainnet last year, and we are proud to be working with Ledger, the industry's leading security company, to provide ALGO holders with more opportunities to participate in the network. while guaranteeing the security and transparency of the entire Algorand economy ”.