LONDON — Crypto wallet maker Ledger says it is set to launch its much-anticipated hardware wallet Ledger Stax, which was designed by iPod inventor Tony Fadell, in May.
Ledger, which makes hardware and software wallets for crypto investors, first announced Ledger Stax in 2022 after a plunge in crypto prices in the wake of the collapse of crypto exchange FTX.
The product, which CNBC got hands-on with at the time, is roughly the same size as a credit card and lets users track their crypto holdings on an E-ink display, similar to technology used by Amazon in its Kindle line of e-book readers.
Speaking with CNBC at the Blockworks Digital Asset Summit in London, Ledger CEO Pascal Gauthier said that he expects the Ledger Stax will launch soon.
“Stax is coming out in two months,” Gauthier told CNBC onstage Tuesday at the event. “We finally nailed it, and it will be out very soon.”
The Ledger Stax has been beset by a series of shipment delays over the past year due to issues with getting its E-ink display to work smoothly. The product has also reportedly faced production bottlenecks.
The startup has also been hit with a series of complaints from users due to delays to the launch of the device.
The primary factor holding up the launch of the wallet, according to Ledger’s Gauthier, was trying to get its E-ink display to wrap around the device.
After this story was published, a Ledger spokesperson told CNBC an exact timeline on deliveries of Ledger Stax to customers will be issued by the end of this month.
“The Ledger team has been working around the clock to improve the yield on Ledger Stax displays, and has made significant advancements,” a Ledger spokesperson told CNBC.
“Pascal shared our best case timeline today, which would see preorders begin shipping in Spring,” Ledger’s spokesperson said. “We’ll have a full update by the end of March for customers who preordered, and we can’t wait to deliver their Ledger Stax, a truly next-generation device.”
“This is just the start of a big year for Ledger,” the spokesperson added.
The Stax, which costs $279 and has been available for preorders since late 2022, will resemble a small smartphone or credit card reader.
Measuring 85 millimeters long and 54 millimeters wide, it’s roughly the same size as a credit card. It is also about 45 grams, weighing less than an iPhone.
Users can deposit or exchange a range of tokens, including bitcoin, ether, cardano, solana and nonfungible tokens, or NFTs.
The Stax also includes magnets, so that multiple devices can be stacked on top of each other, like a pile of books or cash — hence the name Stax.
Users can connect it to their laptop through a USB cable or their phone via Bluetooth.
Gauthier said the product has been designed in such a way that it will be much easier to use than current hardware wallets.
“We realized that self-custody and ownership won’t be for everyone,” Gauthier said.
But Gauthier said the firm now has a robust supplier ecosystem in place to ensure the Stax will be ready for general launch by May.
He added that the team at Ledger persevered rather than give up on creating the Ledger Stax, noting that Fadell himself had pushed for the company to continue working toward a launch.