TL;DR- Go to the Yoroi extension on your browser and hit add new wallet. Select hardware wallet and select Ledger Nano S/X. Enter the PIN on your Ledger to open, then find the cardano app on your Ledger and open. Agree to export your public keys, and follow the steps on the pop-up interface on Yoroi.
A hardware wallet, a software wallet, what exactly is going on here?
Yoroi is a software wallet located on your browser, much like MetaMask or TrustWallet. Ledger is a hardware wallet complete with its own app (Ledger Live) that runs on your computer.
Why would I connect my Ledger to Yoroi?
This is a great question! The main reason is for staking rewards. Crypto is a risky enough asset class as it is- one of my favorite ways to offset that risk is to earn interest on my cryptocurrency while I hold it. As it stands right now, the IRS might not tax staking rewards. This can be through staking or lending with BlockFi for proof-of-work currencies like Bitcoin and Ethereum.
Connecting your Ledger to Yoroi gives you the best of both worlds. You get the security for storing your crypto on your hardware wallet, but get the staking rewards from a relatively high-yield staking pool on Yoroi. Lots of the upside with earning interest on crypto is offset by scams, fraud and theft (sadly)- but with a hardware wallet and Yoroi, you won’t have to worry. Not financial advice, but if I’m holding crypto and time is going to pass anyway, I might as well earn interest on it.
Yoroi’s main value proposition is that it’s a fast and easy browser-based wallet. Yoroi also has a great mobile interface and makes sense for locales where mobile usage greatly eclipses desktop usage. Yoroi has a great development team over at Emurgo, and offers voting, staking, and other features.
Holding crypto in a software wallet is probably a bit more dangerous than holding on an exchange like Coinbase- but I still prefer it. The reason why is because when you ‘hold’ crypto on an exchange like Coinbase or Binance, all you really have is an “I owe you” from that exchange for some tokens. You don’t have true custody. I like to hold my own private keys incase of the cryptopocalypse. Don’t think it’s not possible- scores of central banks and governments have more than enough reason to go after cryptocurrencies.
Ledger has a great app (Ledger Live) and private keys that can’t export, which make it an attractive choice for more serious crypto holders. Ledger allows investors access to their private keys- unlike on an exchange. Ledger is the top name in the hardware wallet space right now.
Ledger investors can store over 1,100 coins and tokens, with direct support from Ledger on 23 of them. You can access the rest of these 1,100 tokens through third part applications.
Ledger is relatively cheap. The Ledger Nano S is cheaper than some other hardware wallets, at $59, making it a good low-cost, high-security choice.
The only problem I have with Ledger is that there’s no touch screen like there is on my Trezor. This seems small, but when I have enter my pin a million times with the buttons it gets annoying.
Quickly connect your Ledger Nano S/X to Yoroi
0. Make sure a) you’ve already got your Yoroi wallet set up and b) your Ledger Live Cardano (ADA) app is installed and up to date on your Ledger wallet and c) the firmware/software is up to date on your Ledger.
1. Pop open your Yoroi wallet on your browser. If you already have an account, you’ll land on your main Yoroi wallet. We’re going to add your Ledger wallet here. In the top left select back to my wallets.
In the top right, select the add new wallet button. Select the leftmost connect new wallet icon on the launch screen. If you don’t have a wallet yet, you’ll be taken straight to this screen.
Where it says pick a currency or platform, select cardano. You’re met with a pop up to choose between Ledger or Trezor. Select Ledger.
You’re met with the choose era screen. Select standard wallet.
On the pop-up screen for connecting, select next.
On the next screen, choose whether you have a Ledger Nano X or Ledger Nano S.
You’re taken to the Emurgo Github (Emurgo is the developer who maintains the Yoroi software) and you should get a pop up from your browser asking you to connect. Make sure your hardware wallet is highlighted and select connect.
Now you’ll need to physically get on your Ledger device and follow the commands. First you’ll input your PIN, then you’ll select the cardano (ADA) app. Your Ledger will then say waiting for commands. Go back to your browser and hit connect at the bottom of the pop-up. Confirm your export key by hitting both buttons on your Ledger device.
Enter your wallet name to something you’ll recognize and hit save. The wallet will take a few moments to sync and then you’re good to go.
Now your ledger is connected to Yoroi. You can send and receive ADA just like the Yoroi software wallet, but now you’ll have the security of your Ledger. Note that sending and receiving crypto on your Ledger will require the extra actions of confirming transactions on your device- a little extra work but a small price to pay for the added security!
Is connecting my Ledger to Yoroi just as secure?
It’s not ‘just’ as secure, it’s more secure. All that’s happening is you’re using the cool Yoroi interface but have the security of your hardware wallet.