Ledger Hardware Devices Explained: The 10-Year Evolution

There’s a term that flows around in business and tech called “skin in the game”—popularized by leading essayist and mathematician Nassim Taleb. It describes how taking genuine risk and personal accountability are proof of your commitment to a cause—it’s when people or organizations directly face the consequences of their actions or products.

In the decade that was, Ledger has placed its reputation, growth, and trustworthiness squarely on the uncompromising security of its hardware devices and its unhackable security model.

In a world where protecting your value is paramount, financial freedom is a game that is worth its skin. Web3 not only makes this possible, it changes the way we perceive and interact with value itself. Ledger’s sole mission, the reason we exist, is to protect your right to financial freedom and safeguard your digital wealth. 

In 10 years, Ledger has sold over 8 million devices and currently secures ~$532 billion worth of crypto market share, which is around 20% of the global crypto market share—and no Ledger device has ever been hacked.  

The numbers speak for themselves, but they do not convey the larger vision of it all. 

Ledger’s Inception: Making Self-Custody Matter

There is a reason Ledger has grown from a 2014 French start-up into the world’s foremost provider of crypto hardware wallets. Bitcoin was ‘immaculately conceptualized’ as the world’s digital currency after the 2008 housing crisis market crash in the United States, and Ledger had similar moments that made its mission more significant. 

In August 2016, the Bitfinex exchange was hacked, with ~119,756 BTC (around 1 billion USD in today’s conversion terms) stolen​. Leaving funds on exchanges would never fully secure users digital value. The same year, an attacker exploited a flaw in the smart contracts of Ethereum-based The DAO, draining 3.6 million ETH (worth about $50 million at the time). This incident exposed vulnerabilities in smart contracts and decentralized systems, making crypto communities prioritize security improvements over all else. The entire ETH network had to hard fork and split itself to recover the funds, and this is why we now have two ETH tokens—the regular ETH (Ethereum) and ETC (Ethereum Classic), which is the unaltered version of the original. 

With the rampant rise of crypto frauds and scams that were to follow, it was clear the only path forward for anyone serious about crypto is via self custody of their digital assets. 

But self-custody is only as secure as the hardware wallets of the time—they were more vulnerable to physical and remote hacks, clunky and hard to use, and had a learning curve that wasn’t as seamless as what we experience today. 

With phishing scams, drainer smart contracts, social engineering hacks, sim swaps, and other forms of remote and physical attack vectors all around you, it’s important to stay safe. Sometimes, the hacks might even start at the supply chain level, and you might end up using a compromised device without even knowing it!  

But what if there was a way to make crypto hardware wallets cool, easy, and secure all at once? True security should protect you from all possible kinds of cyber attacks without compromising on the crypto experience. This is what makes the DNA of Ledger—both hardware and software creating an airtight ecosystem where you can explore web3 confidently. 

Let’s examine Ledger’s security model and how its earlier devices defined (and went beyond) industry standards. 

Ledger’s Security Model 

Every Ledger device benefits from the same multi-layered security blueprint. 

The heart of this model is Ledger’s Secure Element Chips, giving you the same level of security as credit cards or biometric passports. Ledger was the first to integrate the Secure Element chip into a crypto wallet. Not just that, its next security layer comes from its Secure Screens—-the fact that this screen is driven directly by the Secure Element chip and is a safe haven from online threats because of this. This hardware foundation is then combined with Ledger’s custom Secure OS, giving Ledger wallets further protection against both remote hacks and physical tampering.

Besides this, Ledger also has a whitehat hacker team Ledger Donjon, who stays vigilant against emerging cyber threats and alert the ecosystem for pre-emptive security measures. This basically means there is a team of ethical hackers by your side constantly discovering, attacking, and overcoming cyber threats as you navigate crypto via Ledger. 

You can learn more about how deep the Ledger Security Model rabbithole goes here. Now, let’s take a look at Ledger’s early devices and how they shaped crypto security for the better. 

Early Devices & Ledger Live

In 2016, Ledger launched its Nano S hardware wallet, giving everyone an easy way to secure their own keys offline. The Ledger Nano S went on to become the highest selling crypto hardware wallet of all time, and shortly after, the award-winning Nano X followed. Other devices did not match the superior tamper resistance, frequent updates and polished experience of the Ledger Nano S.

The Nano X also brought bluetooth capabilities and iOS compatibility along with it, making it a more accessible flagship crypto wallet of its time. 

More importantly, these two devices offered secure screens to people in the familiar USB drive form factor. Though it was common practice by 2019, Ledger’s secure screens had an edge above all else—they were driven directly by the secure element screens. This made it easier for people to use Ledger devices, and they trusted their Ledger secure screens to verify transaction details and sign transactions in an offline environment. 

These were just the tip of the fortification iceberg that built Ledger devices into the best in class hardware wallets they are. 

Surrounding all these was Ledger’s expansive Ledger Live app—a gateway for users to experience and interact with web3. With Ledger Live, you can buy, sell, stake, swap, and manage your digital tokens and get the best experience web3 has to offer. With multiple native integrations, Ledger Live is your key to unlock cool

Ledger’s 10 Year Evolution: Time to Experience Next-Gen Hardware!

We’re in an almost entirely new world today—Bitcoin frequents the 100K range, pro-crypto vibes across the world, and not to mention the AI agents that can handle DeFi strategies from scratch, executing complex transactions with ease. 

But as with all tech cycles, hackers find newer ways to drain your funds, even using AI agents to target and hack crypto adopters. 

Yes, your Nano S, Nano S Plus, or Nano X is still built to withstand a whole bunch of cyber attacks, but there are reasons that go beyond security that you should consider while making your next upgrade. 

Here’s a few ways Ledger has evolved since the early days, and some facts you should consider to help you understand why there is a need to upgrade.

Technology Evolves – Stronger Chips & More Memory.  

Yesterday’s security is not today’s security.

When web3 was still simple, hardware devices could handle securing common buy/sell functions and other basic transactions. Today’s crypto ecosystem offers a range of complex functions—lending, staking, privacy, identity verification, and asset tokenization—driven by leaps in technology like EVM upgrades, zk-proofs, and multi-chain interoperability. 

Someone can deposit crypto into a lending pool, earn interest (e.g., 5-10% APY on stablecoins), and use borrowed assets to leverage trades—all without a bank. Older chips on the crypto wallets of years past do not have enough memory to run the dApps (or apps) required to interface with these complex functions. 

So, if you want to truly experience web3 as it is today and beyond, why limit yourself to your hardware?

Our next-gen Ledger models have vastly more memory and next-gen Secure Elements (CC EAL6+ certified​). Plus they come with industry-first e-ink touchscreens that connect remotely to your third party devices. This means you can now verify transaction details easily and sign smart contracts directly on the touchscreen. 

You can install many more apps (supporting more coins simultaneously) and enjoy faster performance. Upgrading means you can do it all in DeFi across multiple platforms. It ensures your Ledger device’s core tech and security model is more responsive, adapted, and capable of handling the growing crypto ecosystem.

Clear Signing – No More Blind Signing. 

In crypto, you shouldn’t sign what you can’t verify. Older wallets often required blind signing—approving transactions with no meaningful details on-screen, leaving users to trust external interfaces blindly. That’s a recipe for disaster.

Take the Bybit hack on February 21, 2025: attackers exploited blind signing in a multisig cold wallet setup, manipulating the signing interface to show legitimate-looking details. Bybit’s signers approved a malicious contract upgrade, and poof—$1.5 billion in Ethereum was drained in one of the biggest heists ever.

Ledger’s latest devices, like the Ledger Stax and Ledger Flex, tackle this head-on with clear signing. Your wallet’s screen—a Secure E-Ink touchscreen and not an everyday screen prone to malware—displays everything in plain language: addresses, amounts, and the exact smart contract you’re interacting with. No cryptic hashes, no guesswork—you know exactly what you’re confirming. Upgrading to these devices reduces the risk of falling for fraudulent transactions, giving you control and peace of mind.

But Ledger’s mission is beyond its hardware. Ledger sees Clear Signing as a standard across the Ledger ecosystem and implements clear signing on all integrations native to Ledger Live—including partnerships with DApps and wallets.

In order to protect your self custody, you can’t rely on insecure screens. Every user, from DeFi degens to NFT collectors, should be able to sign crypto transactions with confidence. Upgrading isn’t just about better hardware—it’s about joining a movement to make crypto safer at every level and for everyone.

Personalization – Your Wallet, Your Style. The new generation of Ledger wallets is designed to be more personal. Take the Ledger Stax: it features a first-of-its-kind organic TFT, curved E-Ink display that can show custom text (like your name or dedicated wallet name) on its curved spine. The Ledger Flex and Ledger Stax both can even display your favorite NFT art or any image right on the lock screen​.

Ledger Stax was designed by Tony Fadell, the Godfather of the iPod. They represent a style statement that sets them a class apart from the usual crypto hardware wallets.

In other words, your hardware wallet should reflect what makes you, you—in a web3 space that is constantly evolving and interconnecting across ecosystems, not just hold your coins. If you value having the latest tech and a bit of flair, upgrading gives you a device that’s sleek, modern, and uniquely yours – all while keeping Ledger’s trusted security model in your reach.

Overall Usability – Bigger Screens, Better Experience. The Nano S’s tiny screen and pressing two-button controls may seem a little cumbersome compared to the more seamless IRL experience offered by newer Ledger devices. 

The latest Ledger devices solve this too. 

The next-gen models offer much larger, easier-to-read screens (with touch controls on Stax/Flex) that make navigating and confirming transactions simpler. You can see full addresses and details at a glance. 

Plus, new models are more mobile-friendly – for example, the Ledger Flex and Ledger Stax connect via Bluetooth, so you can manage your crypto on your phone without a USB cable​. This is perfect for lifestyles that are on the go. 

Not to forget, the batteries on both next-gen devices can last you days, with the Stax going almost a whole month before you recharge.

Upgrading makes everyday crypto use more convenient.

Finally, Ledger’s hardware devices also serve as a powerful and open platform for third-party developers, built around their custom secure operating system. This ecosystem approach invites external developers to create secure applications directly on Ledger hardware, significantly broadening its use-cases beyond crypto storage. 

Ledger is serious about innovation, and believes the platform’s openness will attract developer talent and ensure ongoing growth and relevance in an evolving digital industry.

Ledger’s Commitment Beyond Security – Ledger has its roots coming from a small team with a big vision, working out of La Maison du Bitcoin (‘The House of Bitcoin’) in 2014 to now having multiple hubs around the world. 

Ledger’s new physical headquarters in Paris symbolizes its broader mission of digital security and community empowerment. Serving as more than just an office, the building is a vibrant hub for education, innovation, and collaboration—hosting hackathons, educational sessions, industry events, and fostering partnerships across the crypto ecosystem. 

By physically bridging crypto communities, devs, and users, Ledger reinforces its commitment to security through widespread education, driving the collective adoption of secure self-custody and advocating for greater digital freedom for everyone.

Do More with Ledger 

New Ledger devices unlock a richer ecosystem of features. With the latest hardware, you can tap into Ledger Live’s full suite: buy, swap, and stake assets directly, and access hundreds of Web3 apps through the Discover catalog (DeFi platforms, Staking, NFT marketplaces, and more)​.

The newest Ledger models also support innovations like Ledger Security Key, which lets your hardware wallet double as a secure passkey authentication device for logging into services like Google or Binance​. 

In short, your Ledger isn’t just for holding crypto – it is now also a versatile tool for managing your digital life. Upgrading ensures you can use all these current and upcoming features without hitting the limits of older devices.

AI deepfakes are popping up everywhere, there are newer levels of scams being thought of at this very moment. The time to seriously protect not just your funds (web3 or otherwise), but also your identity online hasn’t been any closer. 

So why wait? 

Investing in the latest Ledger devices and using it as your passkey means overall protection and peace of mind for everything crypto.