Former Apple CEO Tony Fadell has launched a wallet that is used to store cryptocurrency offline. Fadell, who spent nearly a decade at Apple and helped introduce the iPod and iPhone, has joined forces with French technology company Ledger to launch the wallet.

Previous Ledger wallets were in the form of USB memory sticks, according to the report. Fadel's design, dubbed the Ledger Stakes, will go on sale next year. It's a credit card-sized device that features a curved back and an e-ink display.

"All secure devices up to this point were like all MP3 players before iPod, and it's time for iPod," said Ian Rogers, Ledger's chief experience officer.

The report notes that the recent crash of cryptocurrency exchange FTX, which wiped out more than 1 billion dollars in client funds, has fueled demand for offline "self-protection" services like Ledger.

As per the report of Reuters, the cryptocurrency crisis "can be attributed in part to guardianship."

In the wake of the FTX implosion, trust has become a major issue as placing consumers' digital holdings on exchanges, which are lightly regulated at best, is an impediment to cryptocurrency adoption. .

FTX is just the latest in a series of examples of issues at play here, where tracking funds can be difficult, "and where consumers discover their exposure to loss only after the fact," we wrote. When cryptocurrency exchanges fail, users can lose some or all of the money held on that exchange.

“While conventional wisdom holds that self-protection is a more secure method of storing cryptocurrency, it requires that one not lose private keys, or else risk losing access to their cryptocurrency (and associated funds) forever. ”

The exchanges, meanwhile, are a work in progress. One of the biggest issues stemming from the FTX crisis is how client assets are, or are not, kept in segregated accounts, making it difficult to recover that money.

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