Ledger crypto wallet maker announces its recent partnership with Binance – the biggest exchange by volume, which has just launched its new decentralized exchange (DEX) on a testnet.
We’re thrilled to announce that Ledger is supported on the @Binance_DEX Testnet! You can now install the @binance Chain app through Ledger Live (Developer Mode) to access the decentralized exchange testnet with the Ledger Nano S.— Ledger (@Ledger) February 20, 2019
Read more here: https://t.co/2nfAGjrnaV#BUIDL pic.twitter.com/ZryDlwcHxp
Now, users are getting double the benefit: they can store their private keys offline on Ledger Nano S models and can still use Binance DEX for exchanging crypto assets.
Extra protection for users
The safety of users’ private keys has always been vitally important when ‘hodling’ virtual assets. If traders keep their tokens on trading platforms, they give away the control over their tokens and private keys to the exchanges themselves.
In earlier years of the crypto era, especially last year, numerous cases were reported of hackers managing to break through the security layers of exchanges, getting away with huge amounts of crypto.
Now, Binance has teamed up with the famous crypto wallet producer to let users of Ledger Nano S get access to its DEX, which is currently being trialed.
Detailed guidelines for connecting Ledger wallets and Binance’s DEX have also been provided.
Users must keep their recovery codes safe
Since the new platform of Binance is fully decentralized, users will keep their private keys to themselves. Still, even when connecting a Ledger wallet to the DEX, it is crucial that users keep their recovery codes secure somewhere on a paper wallet, for instance.
Should recovery phrases made up of 24 words be lost, no one, not even Binance, will be able to get the lost crypto back.