What if Ledger Labs Goes Bankrupt?

If you own a Ledger hardware wallet — May it be a Nano S, S Plus, Nano X, or Stax, you definitely want to make sure that you’ll always have access to your crypto under any circumstance whatsoever.

💡 Achieve enterprise-grade wallet security by using a Ledger hardware wallet.



What if Ledger Labs goes out of business?

The Ledger Labs company

Ledger Labs — the company that designs, manufacturers, and sells the famous Ledger Nano S, Nano S Plus, Nano X, and the brand new Ledger Stax, is a pretty stable company due to Ledger hardware wallets having a sizeable monopoly in the bitcoin/cryptocurrency hardware wallet business.

While it’s definitely not impossible, it’s very unlikely for Ledger Labs to bankrupt or go out of business as long as the cryptocurrency industry stays afloat.

Other compatible apps

Though Ledger has its own wallet software (Ledger Live), fortunately, if ever Ledger Labs goes bankrupt and go out of business, you can still use your Ledger hardware wallet by connecting it to other software wallets such as Electrum and Wasabi Wallet.

Your wallet backup

Alternatively, you can simply import your Ledger’s 12-24 word recovery phrase to other hardware wallets such as Trezor hardware wallets if it’s the case that you decide to switch hardware wallet brands.

On the other hand, if you need access to your funds ASAP, you can import the 12-24 word recovery phrase to a reputable mobile wallet of your choosing. Just make sure to create a new backup using a new hardware wallet once you get a hold of a new one.

Where should I buy a Ledger wallet?

Though you can purchase Ledger hardware wallets through other 3rd party websites, we heavily recommend purchasing a Ledger hardware wallet through Ledger’s official website instead, for security purposes.

Having a backup device

If you frequently use your hardware wallet, grab an extra Ledger hardware wallet from the Ledger official website. Just so you always have a backup hardware wallet ready, that you can use immediately if it’s the case that your current hardware wallet becomes inaccessible.

Ledger has hardware wallet bundles on their website that they sell at a discount, perfect for having backup devices.

Quick note: you can have the same wallet backup imported to multiple hardware wallets.

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