Liquid assets just got a whole lot more secure with the addition of Liquid Network support for the Ledger Nano S. Liquid users with Android devices can now use Blockstream Green to send and receive a selection of major Liquid assets from their Ledger hardware wallet.
The Ledger Liquid App in Action
Offline Storage Combined With Multisig 2FA
Using Blockstream Green and a Ledger Nano S to store your Liquid assets combines the best of both offline storage and multisig two-factor authentication.
As with all standard Blockstream Green Bitcoin and Liquid wallets, Liquid assets on a Ledger Nano S are stored in a 2-of-2 multisig. One of the two keys is held on the Nano S, and can only be used to sign transactions when connected via USB to the Blockstream Green app. The second key is held securely on Blockstream Green’s server, which will only sign a transaction when provided with a successful two-factor authentication (2FA) entry (e.g. Google Authenticator or email).
This setup offers improved security over using either a mobile wallet or hardware wallet on its own. Anyone wishing to compromise the wallet not only needs to gain access to the hardware wallet device and crack its PIN, but also must have access to the user’s 2FA method. Even if an attacker gains access to the hardware wallet’s 24-word mnemonic (seed phrase), as long as 2FA is enabled they will not be able to spend the user’s assets.
More Assets and Hardware Support to Come
At launch, the Liquid app on the Ledger Nano S will support the major Liquid assets available to cryptocurrency traders: Liquid Bitcoin (L-BTC), Tether USDt, Liquid CAD (L-CAD), and the BTSE Token. The comprehensive list of Liquid assets supported is available here. We’ll continue to work with Ledger to introduce more major assets as they become available.
Over the coming months, we’ll also be working with Ledger and other hardware wallet manufacturers on expanding Liquid support to other popular hardware wallet models—with iOS support a top priority!
If you’ve already got a Ledger Nano S and an Android device, you can follow our new setup guide for Blockstream Green. If you still don’t have a Ledger Nano S, a custom Blockstream-branded device can be picked up on the Blockstream Store.
Blockstream Green also already supports a variety of hardware wallets across Android and iOS for Bitcoin storage. For the latest support coverage, check out our summary table.
This article was originally posted at https://blockstream.com/2020/05/04/en-liquid-asset-support-now-on-ledger-nano-s/.