Yesterday, Ledger dropped a tweet on the social media of Twitter announcing that Binance Coin Mainnet will now be supported on Ledger Nano S. Ledger Nano S was previously compatible with the Binance Chain Testnet.
The Twitter message said:
Exciting news! The Ledger Nano S is compatible with the @binance Coin Mainnet. You can access your $BNB through the @Binance_DEX platform, allowing you to keep your private keys offline, yet use the platform to trade.
Spread the news!
— Ledger (@Ledger) April 23, 2019
Ledger Nano S is the first and only autonomously certified hardware wallet. This integration will now let the users keep their private keys offline while using the platform to trade at the same time.
With a centralized cryptocurrency exchange, one does not have the sole control over their own private keys as the exchanges standing-in as a third party, hold and manage the crypto assets.
DEX- Binance’s Decentralized Exchange will now allow the users to access their BNB wallets by connecting the Ledger Nano S with the Binance Chain app. As the private keys remain stored in an extremely secure hardware wallet- the access to them stay offline and confidential; this restriction to privacy results in a security benefit.
Ledger’s CEO, Eric Larchevêque has commented on this merger saying that, the Company is pleased to offer Ledger’s security support with Binance’s Decentralized Exchange- now live. He also said that with the Ledger Nano S’ unrivaled security assurance, investors will now be able to trade crypto assets through the Binance DEX.
With Binance DEX, users will now be the solitary in-charge of crypto assets that they trade by owning the analogous private keys. However, now, as the exchange is decentralized- the Binance team will not be responsible for accessing any passwords or private keys, and the users will be solely responsible for the security of their accounts.
Any loss would not be taken care of by either Binance or Ledger. Therefore, more vigilance to prevent errors is recommended.