Yesterday, the IOTA team announced that they are working with Ledger Nano to integrate IOTA into the Ledger hardware wallet. The idea is to give IOTA (MIOTA) investors a highly secure way to store their coins, offline away from the risks that come with online storage. Here is part of the statement from IOTA explaining this latest development.
“The Ledger Nano S hardware wallet will enable users to protect the private keys giving access to their IOTA tokens in a state-of-the-art secure chip. The Ledger hardware wallets integrate with the IOTA Trinity and Romeo Wallets and isolate user’s seeds (the key for their account) from their computer or smartphone, providing another layer of security from hackers. Users will be able to validate transactions on their Ledger hardware wallet as part of the security protocol.”
This integration into Ledger Nano S will positively impact on the value of IOTA (MIOTA) going into the future for a number of reasons. First, it eliminates wallet issues as a source of FUD around IOTA (MIOTA). Earlier this year, there was lots of FUD around IOTA with regards to its wallet. It was based on complaints from investors who claimed to have lost money from their IOTA wallets at the time.
It is a problem that emerged whenever a user tried to reattach addresses. Now that the IOTA team has worked on the trinity wallet and also integrated it with Ledger Nano, a well-respected hardware wallet, investor confidence will return. The negativity around IOTA and its wallet will finally die off, and investors will have the confidence to invest in IOTA (MIOTA) and hold it for the long haul.
This confidence doesn’t just apply to retail investors, it also applies to the institutional segment of the market. Some time back, there was a billion dollar crypto fund that held back from investing in IOTA; citing custody issues. There are probably lots of other institutional players that have been holding back on IOTA (MIOTA) for fear of losing funds. However, with the developments that the IOTA team has made, including integrating it with a trusted third party wallet like ledger Nano S, such institutions may reconsider their investment decisions around IOTA (MIOTA). That’s because, other than the custody issue, IOTA is probably one of the most promising DLTs in the market. It has the technical capability and the regulatory environment in its favor.
In terms of technical capabilities, IOTA has a strong competitive edge in the IoT space and has been winning lots of partnerships in this market. The automobile industry, for instance, seems to have settled on IOTA as their DLT of choice in enhancing industry efficiency and tackling emergent challenges. On the regulatory front, IOTA (MIOTA) is in the good books of European regulators.
This is clear in the high levels of adoption that it has gained in the European industry, especially in Germany, Europe’s economic powerhouse. As all these positive factors whose convergence could see IOTA (MIOTA) emerge as one of the best performing DLT in the next Bull Run.