CELO Staking is Now Available on Ledger Live - Figment

CELO Staking is Now Available on Ledger Live

Figment
Published
September 13, 2022

Key Highlights:

• We are thrilled to partner with Ledger, a leading hardware wallet provider. Through this partnership, we are excited to bring staking to the Ledger Live dashboard with ‘Ledger by Figment’ staking nodes, starting with staking support for Solana $SOL, and continuing support with $CELO Staking
• Staking through the Ledger ecosystem brings a wide range of benefits including ease of use, self-custody, security, and coverage. Staking also allows users to further participate in blockchain ecosystems, and earn rewards.
• Ledger has been producing hardware wallets since 2014 and has a wide range of expertise when it comes to blockchain security. Ledger hardware wallets allow users the ability to safely self-custody their assets.
• The Ledger Live app gives users the ability to safely manage Solana, Osmosis, Bitcoin, Ethereum, and more than 30+ coins, as well as hundreds of tokens.

What is Celo?

Celo is an EVM-compatible blockchain, centered around the principles of being mobile-first to make DeFi tools accessible to anyone with a smartphone. Celo has a native asset (CELO) and various algorithmic stablecoins (currently; cUSD, cEUR, and cREAL). The goal of these stablecoins is to provide low-cost transfers of value, such as remittances, cross-border payments, and online payments. CELO provides security through staking and policy through on-chain governance.

Learn more about staking $CELO on Ledger Live here.

Why use a Ledger Wallet?

As a user, it is important to use a Ledger hardware wallet to self custody your assets. Self custody means that the owner(s) of digital assets control the private key that enables the transfer of their digital assets. It is very important to keep this private key written down, and stored safely offline. Ledger has a blog post here on the best way to store your private keys.

Keep in mind, if your assets are on an exchange, the exchange controls your assets and gives you permission to move those assets off of the exchange. If the exchange is compromised, your assets can be irrecoverably lost. There are many examples of this happening in the past. If you have substantial assets on an exchange, we strongly suggest self custody your assets on a ledger hardware wallet.

What is Protocol Staking? Why Stake?

Protocol Staking is a way to earn rewards by securing tokens on a Proof of Stake network.

Tokens can be staked, or locked into a protocol in exchange for the chance to produce a block, which in turn you receive a reward. Locking your tokens is essential for the operation, security, scalability, and decentralization of the protocol. Staking your tokens allows you to earn new issuance (also known as inflation) subsidies, and fees generated from the network.

For more information on Protocol Staking, check out Part 1 and Part 2 of our educational video ‘Wat Dat?’ series.

Why Stake Through The Ledger Live App?

Staking through the Ledger Live app gives the user full control over their assets through self custody.

While there are other staking options available, like utilizing third-party custodial solutions or staking through exchanges, staking through these methods typically means that you don’t truly own and control your digital assets. Sometimes these staking solutions also have drawbacks such as complexity, security flaws, and lockup periods.

In contrast, staking through Ledger has clear benefits:

• Professional validator services. Figment has the most secure and reliable Web 3 infrastructure built from the ground up to maximize security and minimize risk
• Convenience and Security. By choosing Ledger validators, your coins are staked in the world’s most secure environment. You can gain rewards while securely holding your crypto in your Ledger hardware wallet. You own your own private keys.
• Self-custody. Only you have the possession of your cryptocurrencies. Remember: not your keys, not your coins.
• Multiple currencies supported. Ledger hardware wallets allow you to securely stake up to 7 coins simultaneously.

Learn more about staking $CELO on Ledger Live here.

About Figment

Figment is the leading provider of staking infrastructure. Figment provides the complete staking solution for over 1500 institutional clients, including asset managers, exchanges, wallets, foundations, custodians, and large token holders, to earn rewards on their digital assets.

The information herein is being provided to you for general informational purposes only. It is not intended to be, nor should it be relied upon as, legal, business, tax or investment advice. Figment undertakes no obligation to update the information herein.