Arts DAO, Ledger partner to provide hardware wallet solutions for UAE members
In a hardware wallet, one's private keys are stored offline so only the user has access to them. It prevents hackers to access the private key, protecting crypto assets.
Ledger, an organisation providing digital storage for cryptocurrencies, has collaborated with Arts DAO—a decentralised autonomous organisation representing Middle East's NFT and Web 3.0 community.
The partnership is aimed at providing hardware wallet solutions for UAE-based Arts DAO members.
Founded in 2014, Ledger develops secure solutions for blockchain operations. Since its inception, it has sold over five million devices globally.
It is also responsible for securing 20% of all globally stored crypto assets, according to a press release shared by Zawya.
Arts DAO and Ledger also launched 100 Ledger NFTs—Ledger's first NFT collection—to commemorate the partnership. In addition to this, Arts DAO offered branded ledgers to its community members, enabling NFT owners to have a physical Ledger hard wallet.
At present, Arts DAO is exploring expansion into varied avenues with its clients. These include blockchain gaming, blockchain streaming and music, and digital fashion.
Hardware wallet solution
When an individual purchases a cryptocurrency, they obtain a "private key". This key is an important piece of data which is needed to sanction outgoing transactions on the blockchain.
Anyone who knows this key may utilise the related funds. In case of a technical or non-technical mishap involving the key(s), no bank or organisation will provide help with backing or replacement. Hence, one can lose access to their cryptocurrency.
Arts DAO suggests the usage of a hardware wallet solution. In a hardware wallet, one's private keys are stored offline so only the user has access to them which prevents hackers' interference. Hence, it protects their crypto assets.
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Edited by Kanishk Singh