New York, NY – October 12, 2020 – Avalanche, the highly-scalable, open-source platform for launching decentralized finance (DeFi) applications, has completed its integration with Ledger, the leader in cryptocurrency and blockchain security, enabling users to securely store and access their Avalanche Tokens (AVAX) using the Ledger Nano S hardware wallet.
The integration was funded through Avalanche-X, an accelerator for developers building decentralized applications and infrastructures on Avalanche. The wallet passed a 3rd party security audit and is now available for download via Ledger Live.
Hardware wallets help users secure their cryptocurrency holdings and digital assets by storing their private key–which is used to authorize transactions–offline in a device. For transactions involving the tokens or assets whose private keys are stored on a Ledger, the user must have physical access to the device to execute the transaction.
“Hardware wallets play a critical role in ensuring users’ funds are safe, and their private keys are further isolated from potential malicious actors,” says Kevin Sekniqi, COO of Ava Labs. “Our new Ledger integration brings industry best practices right into the Avalanche Wallet for users to keep their AVAX secure.”
Avalanche is the first smart contracts platform that confirms transactions in under one second, supports the entirety of the Ethereum virtual machine (VM) and development toolkit, and enables up to millions of independent validators to participate as full, block-producing nodes.
In just the week after launching mainnet, more than 500 full, block-producing validator nodes were already securing and operating Avalanche, with an additional 1,467 individuals participating in staking as delegators for a cumulative total over $1B USD of AVAX staked at peaks.
Since exiting “stealth mode” 17 months ago, Avalanche has attracted contributions from a large pool of open-source developers, awarded significant grants for engineers to build infrastructure and applications, and integrated with leading projects like Chainlink, Polyient, and Quantstamp. It has raised $60M to-date, including $42M in a 4.5 hour public sale this July, and a separate private sale led by Galaxy Digital, Bitmain, and Initialized Capital.
For more guidance on how to use Ledger hardware devices with Avalanche, please see the tutorial on Ava Labs blog: https://medium.com/avalabs.
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Ava Labs
Ava Labs makes it simple to launch finance applications using blockchain technology–with highly scalable and efficient networks, customizable public and private blockchains, the capability to create any digital asset, and more. We are empowering people to build an open, simple, and democratic internet of finance.
Ava Labs was founded by Cornell computer scientists who brought on talent from Wall Street to execute their vision. The company has received funding from leading investors like Andreessen Horowitz, Initialized Capital, Galaxy Digital, Bitmain, and Polychain Capital, with angel investments from Balaji Srinivasan and Naval Ravikant. www.avalabs.org
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