Crypto Wallet Provider Ledger Adds Support For Kowala’s kUSD Stablecoin

Announcements, News | August 9, 2018 By:

Crypto wallet provider Ledger has added support for Kowala‘s dollar-pegged kUSD token, making it the first stablecoin to earn public platform support.

Founded in 2014, Ledger develops security and infrastructure solutions for cryptocurrencies as well as blockchain applications for individuals and companies, by leveraging a distinctive, proprietary technology. The company designed two wallets: the light Ledger Nano S and the touchscreen Ledger Blue, which can both support directly 23 cryptocurrencies, and dozens more via third party applications.

Kowala is a dual-token blockchain protocol that supports a family of distributed, self-regulating, asset-tracking cryptocurrencies via the use of algorithmically determined coin-burning and minting features. kUSD, the first kCoin on the Kowala protocol, is a stablecoin with a money supply that relies on a decentralized mining network shaped by ownership of the mUSD mining token.

Kowala’s stablecoin now joins a handful of rising projects as part of Ledger’s initial third-party application rollout, which will allow its users to manage their virtual assets via Ledger Live, a Windows, Mac, and Linux compatible desktop app. Ledger Live brings together device management and individual crypto assets in one place, replacing the old system of multiple Chrome-based applications. Kowala users will also be able to use the Nano Ledger S or Ledger Blue to store their mUSD tokens.

“The importance of Ledger’s decision to publicly support kUSD as the first stablecoin with an app on its platform cannot be understated,” said Kowala CEO and Founder Eiland Glover. “On one level, this move is a huge signal for industry confidence in our price-stabilizing mechanisms, which employ unique money supply minting and burning features to eliminate the need for cash or gold reserves. More importantly, this support also increases access to a stable and consumer-friendly cryptocurrency for millions of people around the globe.”

Glover added that the full potential of kUSD is tied to consumers’ ability to make actual use of it in their daily lives.

“As the most decentralized stablecoin project on the market, it is our hope that this hardware accessibility will increase crypto inclusion for those living in highly inflationary economies who require usable currency, rather than speculative investments,” Glover said.