Here's the thing about crypto. It's supposed to free you from institutions. Just you and your private key, doing business on the blockchain. But people get sloppy, and crypto is hard. You start dabbling in exchanges. You hand over your money for the privilege of making trades, and you assume that when you ask for it back, the institution will oblige. Then one day you wake up, and the exchange is no more, and your money is gone, gone, gone. That's what happened with FTX last month, and around a million customers got one hell of a lesson. The crypto dream only works if you practice "self-custody"—you control your assets, via a private key you share with no one. Many hardcore crypto folks store their keys in a hardware wallet made by the French company Ledger. Its tiny vaults, which look like thumb drives, are all about security. Not so big on usability or charm. Tony Fadell isn't a crypto guy. But as an expat living in France, he swung into Ledger's orbit. He found himself brainstorming about how to transform a basic hardware wallet into a showstopper. As the person who led the iPod team at Apple and cofounded the smart thermostat company Nest, he knew how to give objects presence. Working with Ledger's engineers, he has brought his wild vision to life. As Steven Levy writes, Fadell believes his wallet can "redirect the crypto field, just as he helped kick off digital music and the smart home." If crypto is to be the future of finance, making self-custody cool is a big first step. Sandra Upson | Features Editor |
