Wallet developers Ledger and Exodus to launch XO Swap aggregator

What’s new? Hardware crypto wallet maker Ledger has begun collaborating with software crypto wallet provider Exodus to develop a swap aggregator called XO Swap.

Material by The Block

What else is known? XO Swap will be integrated into the Ledger Live app and will make it easier to connect to third-party exchange API providers, allowing swaps on thousands of trading cryptocurrency pairs directly from users’ non-custodial wallets.

A swap is an on-chain transaction that takes place between two users to convert assets into other tokens.

“This integration prioritizes user control and security, distinguishing it from centralized exchange platforms,” the press release says.

XO Swap transactions will be aggregated through multiple third-party trading platforms, delivering assets directly to Ledger users’ wallets. XO Swap will initially launch as a desktop version, with mobile apps coming later.

In July, Exodus launched its Passkeys Wallet product for those new to the crypto space. It allows you to work across different decentralized applications (DApps) without having to create a different wallet for each.

On May 9, Exodus went public on the US stock exchanges NYSE and AMEX under the ticker EXOD. The shares are traded at $14,5, having added 1,97% over the day. At the same time, the value of securities fell by 13% over the month. In the second quarter, the company’s losses amounted to almost $10 million, while in the same period last year the profit was close to $2 million.

Last October, Ledger launched a criticized private key recovery feature and opened its source code. Ledger Recover allows parts of a seed phrase to be transferred to third parties for storage and can be activated at will. CEO Pascal Gauthier said Ledger will hand over customers’ seed phrases to authorities if requested by a court if the cases are “serious.”

In December, hackers attacked DApps using a code vulnerability in the Ledger Connect tool. That vulnerability was later patched. That same month, a data tracking feature was discovered in Ledger Live. A developer under the nickname REKTBuildr said the software activates authentication when interacting with installed apps, preventing anonymous use of the device.

In February this year, Ledger integrated with the leading US centralized crypto exchange (CEX) Coinbase, allowing wallet users to buy cryptocurrencies through the Coinbase Pay service without additional fees.