Ledger Teams Up with Binance, Letting Its Users Work on Binance DEX Testnet

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Wed, 02/20/2019 - 12:04
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Yuri Molchan
Ledger reports that now its Nano S model can help users connect to their Binance DEX wallets, with private keys protected from third parties
Ledger Teams Up with Binance, Letting Its Users Work on Binance DEX Testnet
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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.

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.

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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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.