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What happens if ledger goes out of business? I recall users being able to access their funds when Ledger had a systems outage some time in the past few years.
by hnxs 4y ago
What happens if ledger goes out of business? I recall users being able to access their funds when Ledger had a systems outage some time in the past few years.
- chill1 4y agoWith both Trezor and Ledger it is possible to use Electrum as the GUI (interface) app. So if they go out of business and/or stop supporting the specific hardware wallet model that you own, you can continue using it with Electrum. Alternatively, you can import the seed backup (12 or 24 words) into a new hardware wallet.
- 3np 4y agoThe users weren't unable to access their funds. However, Ledger Live (their desktop and mobile app) uses nodes hosted by Ledger, so effectively this meant that non-technical users who relied on their hosted nodes couldn't access their funds. One could (and should!) still use the same wallet with a self-hosted node, or a third-party one, by using the wallet with a different software (which is also officially supported; Ledger provides docs for doing so).