After the controversial update that happened yesterday, other companies are taking advantage of Ledger’s very bad day by trying to attract its disappointed customers with lower prices on their own products.
In a quick and clever marketing move, four of Ledger’s main competitors swiftly responded to the community’s negative reaction to the update and reduced the prices of their offerings.
Blockstream is now offering a 10% discount on its main wallet called Jade, Trezor is offering a 15% discount, Cold Card is promoting a 15% discount, and BitBox has lowered the prices of their wallets by 10%.
These companies are also highlighting the fact that their code is open-source and that they refuse to compromise on the concept of self-security.
‘Backdoor’ in Ledger? Here’s What’s Going On—And How to Keep Your Crypto Safe
Ledger faced strong criticism from the crypto community after introducing a new feature called Ledger Recovery. This optional service allows users to back up their seed phrases using their personal identity and three different custodians. The response on Crypto Twitter was overwhelmingly negative, with some users even resorting to destroying their Ledger devices in protest.
Jameson Lopp, the CTO of Casa and a respected cybersecurity expert, expressed concern about the update due to the closed source nature of Ledger’s firmware. Seth For Privacy, the pseudonymous head of content for Foundation Devices, further highlighted on Twitter that this new feature introduces additional risks such as potential data leaks, hacks, government censorship, or surveillance associated with connecting one’s identity to a Ledger account.
It remains uncertain whether Ledger Recovery will be viewed as a major failure or a strategic move to attract customers who are uncomfortable with managing their private keys. However, Ledger’s competitors are hopeful that it will turn out to be a failure and present an opportunity for them to gain market share.