It appears that Cardano (ADA) is going to be added as a supported cryptocurrency on hardware wallet Ledger Nano S.
The official announcement was published on March 27 by the Ledger team, stating that the tenth largest cryptocurrency on the market will be added to the upcoming Ledger Nano S.
The speculations about collaboration started days earlier. On March 14, the CEO of Cardano Foundation, Charles Hoskinson, tweeted a picture of a Ledger wallet which had a Cardano logo on it.
Ledger followed eleven days later by tweeting: “Coming Soon: One of the most requested apps for the Ledger Nano S.” In the featured image, Cardano logo was hiding behind the Ledger’s hardware wallet. All of these indications seemed to point in one way – ADA was going to get its own app on Ledger Nano S.
The Ledger Nano S integration happened thanks to the efforts of Emurgo, Cardano’s commercial arm, which was likewise a key in integrating the Ledger Nano S with the Yoroi wallet.
The official post said that the Ledger Nano S is entirely compatible with the Emurgo-developed Yoroi wallet, which was the first official app to support the Cardano Ledger wallet.
ADA supporters are thrilled by this addition, as it will enable them to store their coins securely on hardware wallets. At a time when hackers are luring from all sides, an external hardware wallet is excellent investment protection.
The speculations seem to have affected the market sentiment, too.
After a weekly low of 0.051 USD on March 21, ADA’s price began to surge, going up over 25 percent by March 24. This positive trend continued, and Cardano is now trading at 0.067 USD, bolstered by the news of Ledger support.
Another reason for ADA growth comes from Binance, as the exchange added two new stablecoin trading pairs for the coin: ADA/USDC and ADA/PAX. Speculations of potential Coinbase addition also fueled the rise in price.
An interesting fact is that Cardano was one of the cryptocurrencies that have dropped the most in value, over 95 percent since an all-time high in January 2018. Despite the harsh drop in price, the foundation continued to work and develop one of the most exciting coins in the market.
The Foundation even became a founding member of the International Association for Trusted Blockchain Application (INATBA), which is working on blockchain and crypto adoption in Europe.