This move will bring startup Radar Relay a substantial market advantage.
Hardware wallets, or cold wallets, have been the safest way to keep cryptocurrency funds to date. Even if you connect it to an infected computer, there’s just no way (that we know of) for hackers to get to your funds. This makes hardware wallets such as Ledger the go-to choice for cryptocurrency enthusiasts when it comes to safeguarding tokens they’re holding long-term.
There was just one problem: if one wants to trade or transfer, they would still have to take the funds out of the Ledger and send them to an online exchange or wallet. From here, funds will be just as susceptible to whatever attacks or compromise the exchange will suffer (if it does). The computer being used to access the exchanges and wallets can also be compromised as well.
But now these problems are taken care of.
Decentralized exchange startup Radar Relay has created the solution that would probably effectively make their breakthrough into the highly competitive and already crowded blockchain industry. In a Medium post yesterday, the startup has announced that they are now supporting Ledger hardware wallets.
Yep. You can now transfer directly from one Ledger wallet to another—no need to move your funds to online wallets or exchanges. Just connect your Ledger and follow the usual steps to sync it with your computer, and use Radar Relay to set gas prices and send funds. A tutorial is also included in their Medium post for anyone interested.
This is the first time direct transfers between physical wallets has been made possible. Consequently, the move has been received positively, with Radar Relay hitting 10,000 Twitter followers as of yesterday. Although now, users are lamenting a different but well-connected problem: Ledger wallets keep running out. Ledger VP of Engineering Fred de Villamil says they’re trying their best to keep up with demand.