Nano S and Nano X hardware wallet implementations to secure XYM and XEM tokens
NEM Group and the NEM ecosystem, has announced that Ledger’s Nano S and Nano X hardware wallets now support the NEM NIS1 XEM token and will support the XYM token on the launch of Symbol by NEM. Ledger is a global leader in security and infrastructure solutions for critical digital assets and blockchain applications. The integration allows users to safely hold XEM and XYM assets by owning and securing their private keys with their Ledger hardware wallets, while using the NEM Nano Wallet to manage their tokens.
Dave Hodgson, CIO of NEM Group, commented, “We are excited that after 5.5 years of operating that NEM NIS1 now has Ledger support and that Symbol will be one of the few chains to have full Ledger support upon launch. The Ledger Nano S and Nano X wallets are market-leading and provide a secure and convenient one-stop-shop for crypto transactions. 2021 is an exciting year for the NEM ecosystem, so we’re excited to expand our community through increased access to XYM and XEM through Ledger’s user-friendly hardware wallets. I look forward to the ways we can deepen this collaboration in the near future.”
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The Symbol by NEM and NIS1 Ledger hardware wallet implementations allow users to securely hold XEM and XYM assets by owning and securing their private keys. With Ledger hardware wallets, private keys always remain offline protected in a certified secure chip. Users can use the Ledger Live application to download the NEM nano application and secure the XYM and XEM tokens on their hardware wallets.
Ledger’s Nano hardware wallets leverage the Blockchain Open Ledger Operating System (BOLOS). As a flexible and user friendly operating system, BOLOS allows developers to build source code for applications in a secure manner. BOLOS ensures the security of all devices by isolating cryptocurrency applications, enabling communication solely through the operating system which eliminates malicious use. Ledger is currently the only hardware wallet on the market that uses a secure element in combination with its operating system.
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Fabrice Dautriat, Head of Coin Integration at Ledger, commented, “The NEM team developed the NIS1 and Symbol applications in full autonomy using our SDK and documentation. We are happy to release their applications and offer best-in class security for these two projects.”
This announcement comes before the launch of Symbol, the next-generation enterprise-grade blockchain solution from NEM. Purpose-built to help businesses cut costs, reduce complexities, and streamline innovation, Symbol utilizes a unique hybrid (public/private) architecture with major upgrades in flexibility, security, speed and ease of use. NEM NIS1, NEM’s original blockchain platform, has had zero downtime, chain hacks, or major outages since its launch in 2014. NIS1 offers flexible and customizable solutions through simple, yet powerful, built-in features. The platform will continue to operate alongside the Symbol chain.
2021 is a significant year for the NEM ecosystem, with its first EU Central Bank Digital Currency (CBDC) secured and the first publicly committed Security Token to be issued on Symbol shortly.
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