Blockchain's First Hardware Wallet Will Let You Trade Crypto for Crypto

One of the oldest software wallet providers in the cryptocurrency industry is launching its first hardware product.

Announced Thursday, Blockchain has partnered with hardware wallet maker Ledger and started taking orders for a new handheld device called Lockbox.

While there are a number of hardware wallets on the market, Lockbox stands out in two ways, according to Blockchain CEO and co-founder Peter Smith.

In other words, while the wallet connects to the internet by plugging into a computer, a special key set inside the device will only allow it to connect with legitimate websites, deflecting phishing attempts by fake versions of external platforms like MyEtherWallet, for example.

In the meantime, altcoin traders will be able to pair Ledger's multi-coin Nano S devices with Blockchain wallets for a smoother trading experience.

While Ledger handles the manufacturing side of Lockbox, Blockchain is focused on creating a holistic mobile and platform experience.

This collaboration is indicative of a broader shift among industry incumbents seeking to reduce friction for traders, who must generally juggle multiple exchange and wallet accounts, and conduct extensive research about platforms' security before connecting their devices.

Speaking broadly to hardware wallet innovations over the past year, Johns Hopkins cryptography professor Matthew Green told CoinDesk the crypto industry is "Relearning some of the lessons that smart cards and the secure devices community have learned over the years" about security.

In Green's mind, the perfect hardware wallet would let users "Generate transactions directly without connecting to your computer."

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.