Product Keynote: Ledger

At Breakpoint 2025, Ledger's Ian Rogers took the stage to deliver a powerful message about self-custody security while unveiling new Solana-specific hardware wallets and announcing full SPL token support across Ledger's ecosystem—a milestone moment for Solana users seeking institutional-grade security.

Summary

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The presentation came at a particularly relevant moment, just days after a $37 million hack targeting Solana assets on the Upbit exchange forced withdrawal halts. Rogers used this fresh example to drive home Ledger's core message: phones and laptops were designed to share information, not protect value, making dedicated hardware security essential for anyone serious about protecting their digital assets.

Ledger announced several significant developments for the Solana ecosystem, including the Solana Edition Ledger Flex and, in a surprise reveal, BONK Edition versions of both the Ledger Flex and S Plus devices. Beyond hardware, Rogers detailed Ledger's expanded technical support for Solana, including full SPL token storage, swapping capabilities, and enterprise-grade solutions through Ledger Multisig.

The keynote also introduced the Ledger Recovery Key—a physical, NFC-enabled secure chip that provides an electronic, PIN-protected backup of recovery phrases. This represents Ledger's continued innovation in making security more accessible while maintaining their uncompromising standards.

Key Points:

The Architecture of True Security

Rogers explained the three fundamental requirements for genuine digital asset security that phones and computers simply cannot provide. First, a secure element must generate and store private keys with specialized entropy. Second, all cryptographic operations need to occur within that secure element rather than in general-purpose chips. Third, users must be able to verify transactions on a trusted screen.

The critical innovation Ledger brings is connecting the same secure element chip used in credit cards and passports directly to the device's display. This direct connection means nothing stands between the secure element and the user's eyes—no software layers that could be compromised. As Rogers bluntly stated, "If you don't have a secure screen, you don't have security." This architectural approach has been refined over Ledger's 11-year history as the pioneer in hardware wallet security.

Full SPL Token Support and Swapping

One of the most significant technical announcements was Ledger's comprehensive support for SPL tokens—the token standard used across the Solana ecosystem. Users can now store any Solana-based asset securely on their Ledger devices and perform swaps directly within the Ledger ecosystem.

This represents a major advancement in usability for Solana users who previously may have had limited options for securing their diverse token holdings. Rogers emphasized that Ledger is continuously updating their support to keep pace with the rapidly expanding Solana ecosystem, ensuring that new tokens and protocols are supported as they launch.

Enterprise Solutions for DAOs and Exchanges

Security isn't just a concern for individual holders—projects, DAOs, organizations, and exchanges all need robust security solutions. Rogers announced that Ledger Enterprise and Ledger Multisig now fully support SPL tokens, opening institutional-grade security options to the entire Solana business ecosystem.

This enterprise support addresses a critical gap in the market, particularly relevant given recent exchange hacks. Organizations can now implement proper security protocols for their Solana holdings without compromising on the standard Ledger has set over its decade-plus history.

New Hardware: Solana and BONK Edition Devices

In a crowd-pleasing reveal, Rogers announced both a Solana Edition Ledger Flex and BONK Edition versions of the Flex and S Plus devices. These limited edition devices feature custom designs celebrating the Solana ecosystem and one of its most beloved community tokens.

The Solana Edition Flex also comes bundled with the new Ledger Recovery Key—a secure NFC chip that provides an electronic backup of your recovery phrase. This backup system uses secure chips on both ends of the process and is PIN-protected, offering a more convenient alternative to traditional seed phrase backups while maintaining security standards.

Facts + Figures

• Ledger has been operating for 11 years, making it the longest-standing hardware wallet company in the industry
• Just days before the presentation, Upbit suffered a $37 million hack specifically targeting Solana assets
• Ledger now offers full SPL token support for storage and swapping on consumer devices
• Ledger Enterprise and Ledger Multisig now support SPL tokens for institutional users
• New hardware announced includes: Solana Edition Ledger Flex, BONK Edition Ledger Flex, and BONK Edition Ledger S Plus
• The Ledger Recovery Key provides NFC-enabled, PIN-protected electronic backup of recovery phrases
• Ledger uses the same secure element chips found in credit cards and passports
• The secure element directly powers the display screen, eliminating software layers that could be compromised
• Developers can build apps for Ledger devices through developer.ledger.com

Top Quotes

• "You could say this year will be the worst year for cyber crime every year for the rest of your life. And you would be right without needing to do any fact checking."

• "Your phone and your laptop were designed to share information, not to protect value. And so using them to protect value is ultimately a fool's errand."

• "The magic trick of a Ledger device is that it's the same chip that's in your credit card or your passport, the secure element that banks and governments rely on. But it's actually powering the screen."

• "If you don't have a secure screen, you don't have security. And you can't trust that what you see on your phone is a truth."

• "At Ledger, we never compromise on either security or self custody. And really, you shouldn't either."

• "At what point should someone choose security? That's such a crazy question to me... at the beginning. If you have value that is more than the cost of a Ledger device, you should invest in your security."

Questions Answered

Why can't smartphones provide adequate security for crypto assets?

Smartphones were fundamentally designed to share information and run multiple applications, not to protect high-value digital assets. They lack secure elements with proper entropy for key generation, run cryptographic operations on general-purpose chips vulnerable to attacks, and have multiple software layers between the user and their transactions. This means you can never truly trust that what you see on your phone screen accurately represents what you're actually signing. A hardware wallet like Ledger addresses all three of these architectural vulnerabilities by design.

What new Solana support did Ledger announce at Breakpoint 2025?

Ledger announced comprehensive SPL token support, meaning users can now store and swap any Solana-based tokens directly from their Ledger devices. This includes continuous updates to support new tokens as they launch in the ecosystem. Additionally, Ledger Enterprise and Ledger Multisig now support SPL tokens, extending institutional-grade security to organizations, DAOs, and exchanges operating in the Solana ecosystem.

What is the Ledger Recovery Key and how does it work?

The Ledger Recovery Key is a physical backup device containing a secure NFC chip. It allows users to create an electronic, PIN-protected backup of their recovery phrase. The security comes from using secure chips on both the Ledger device and the recovery key during the backup process. This offers a more convenient alternative to writing down and securing a paper seed phrase while maintaining strong security standards.

What special edition hardware did Ledger release for the Solana community?

Ledger announced three special edition devices at Breakpoint 2025: a Solana Edition Ledger Flex, a BONK Edition Ledger Flex, and a BONK Edition Ledger S Plus. The Solana Edition Flex comes bundled with the new Ledger Recovery Key. These limited edition devices are available at Ledger.com and were featured at the Ledger booth during the conference.

When should someone invest in hardware wallet security?

According to Rogers, the answer is simple: immediately. He expressed frustration with questions about when security becomes necessary, emphasizing that if your assets are worth more than the cost of a Ledger device, you should invest in proper security right away. Waiting until you have "enough" value to protect is a dangerous mindset, especially as cybercrime continues to grow year over year alongside the expanding value in crypto ecosystems.