Following on our latest blockchain news and updates, the cryptocurrency hardware wallet company Ledger, now officially provides support for the Monero altcoin. The device that will support Monero is the Nano S device according to an official press release of the company on November 29.
Ledger is a French company that side by side with Trezor and KeepKey is one of the oldest and most popular wallet manufacturers in the industry. The CEO of Ledger Eric Larcheveque expressed his excitement to welcome another popular cryptocurrency that is among the top ten cryptocurrencies by adding:
“With this addition, Ledger devices now cover 90% of the entire crypto market capitalization.”
Ledger is now mostly focused on supporting as many of the popular cryptocurrencies as they can because they offer higher security and believe that the security of the holdings is a big issue for investors.
In the meantime, Ledger also announced its expansion in New York and also announced to hire a former Intercontinental Exchange executive as a head to its institutional custody project-Ledger Vault. Just in October, Ledger has managed to sell over 1.3 million Nano units.
Users can create a few addresses for each currency. It’s fairly easy to use, all that needs to be done is to confirm a transaction and hit a real button. Ledger Nano S is one of the most popular and trustworthy hardware wallets. This is believed to the best wallet in the crypto community.
As for Monero, the altcoin is currently at number 12 among all the cryptocurrencies by market capitalization. The coin is trading at $60.80 at the time of writing.
Monero Compliance Workshop: XMR Not A Subject To Funds Travel Rule
“If a given transmission protocol is unable to accommodate such information, the obligated person may provide such information in a message different from the transmittal order itself."This only suggests that there is actually no need to transmit this information on-chain. The regulated anti-money laundering and know your customer compliant exchange should have the required transactional information that is probably storing it. In their statements, the Monero Compliance Workshop concluded that the funds travel rule does not apply only to Monero but to any other cryptocurrency. The workgroup noted:
“It would appear to be inappropriate to state that any cryptocurrency is compliant or not compliant with the Funds Travel Rule since the Funds Travel Rule appears to apply to regulated entities, rather than the underlying assets in which the entities trade.”This could, however, be too late for a solution to convince some of the exchanges who have already decided to play it safe by simply delisting Monero and other Privacy coins that want to avoid potential scrutiny from regulators. As per the reports, the latest Monero Upgrade has finally decided to get rid of GPU and ASIC mining, after the successful implementation of the scheduled event on November 30 as we reported previously.The new RandomX mining algorithm was introduced to get rid of the ASIC machines and to improve the efficiency of CPUs in general. The specialized mining hardware has been an often-debated issue and some of the critics argue that they have a centralizing effect since only a handful of companies in the world are capable to create the ASICs. On the other hand, some suggest that the ASIC-secured networks are less prone to getting hit with a 51 percent attack.
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