The Ledger Nano S and Nano X hardware wallets can now store altcoins organized on the Binance Smart Chain (BSC) in conjunction with Ledger Live. This is an important step for the Binance ecosystem.
The Binance Smart Chain (BSC) is the technological basis for DeFi and DApps in the Binance ecosystem and attracts more and more projects. Besides Binance Coin (BNB), quite a few so-called BEP20 tokens are organized in the BSC, comparable to ERC20 tokens at the competing ecosystem of Ethereum (ETH). Therefore, the news from hardware manufacturer Ledger to support the BSC through Ledger Live is a big step forward, which is accordingly also proudly advertised “as a milestone”.
BSC and Ledger Live – what you should know
Setting up Ledger for the Binance Smart Chain is very simple: On your hardware wallet Ledger Nano S or Ledger Nano you install the app for the BSC. After that, you can create an account for the Binance Smart Chain there and confirm the address where you will store and manage BNB and BEP20 tokens. From then on, you can initiate transactions in the BSC via Ledger Live and no longer have to use a third-party software wallet. Besides BNB, the stablecoin Binance USD (BUSD) and DeFi tokens such as PancakeSwap (CAKE) and The Graph (GRT) are important altcoins that you can store as securely as possible on your Ledger Nano S or Nano X and use conveniently in everyday life through Ledger Live.
Ledger notes not to confuse the Binance Smart Chain with the Binance Chain. The latter launched in 2019 for BNB and then evolved into the Binance Smart Chain as a parallel blockchain. The Ledger hardware wallets do also support Binance Chain and thus BNB. But the “one-stop shop” solution in combination with Leger Live is reserved for the Binance Smart Chain.
Conclusion: Ledger meets customer requirements
Ledger’s offerings have become a quasi-standard in the crypto scene, and tying in BEP20 tokens and the BSC was certainly a need for many customers. The altcoins from the Binance ecosystem are thus catching up with the Ethereum ecosystem and the ERC20 tokens there in terms of secure storage and convenient management, which have been fully integrated at Ledger for quite some time.