What happened?
Ledger rolled out a new Multisig app and the Nano Gen5 hardware with Bluetooth, NFC and an E Ink screen. The Multisig feature added a $10 flat fee per transaction plus a 0.05% token transfer fee on top of regular gas, even though documentation briefly claimed it was free. That pricing and a “typo” explanation touched off heavy backlash, with critics accusing Ledger of monetizing and centralizing self‑custody.
Who does this affect?
This directly affects Ledger users who rely on multisig, developers building integrations, and organizations that use hardware wallets to secure digital assets. It also impacts institutional holders who will see recurring costs and retail users concerned about increased centralization and vendor control. Competitors, wallet providers, and custodians could all feel ripple effects as people reconsider where and how they store crypto.
Why does this matter?
Putting fees on multisig changes the economics of self‑custody and creates new friction that could slow adoption or push users to cheaper alternatives. That shift may redistribute market share toward rivals, different multisig setups, or custodial services, altering competitive dynamics in the hardware wallet space. In the long run, it sets a precedent for monetizing wallet infrastructure and could influence pricing, competition, and regulatory attention across the crypto market.