iPod creator launches new crypto wallet as industry fallout continues

While the cryptocurrency community has seen its recent share of problems, one famous techie is getting in on the ground floor.

Silicon Valley executive Tony Fadell revealed his newest product on Tuesday — a specialized wallet that can store crypto offline.

The 53-year-old Fadell was previously one of the highest-ranking executives at Apple, working under the company's late founder, Steve Jobs. During his decade at Apple, Fadell almost singlehandedly oversaw the creation of the company's portable music player, with Reuters calling him the "father of the iPod." He was also instrumental in the development of the first iterations of the iPhone.

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His newest venture, though, is Stax, a cryptocurrency wallet created in partnership with French tech firm Ledger. The company is known for creating hardware wallets for digital assets, and Reuters noted that Fadell's product will allow users to trade crypto in a more secure environment.

"[The hope is] to have that iPod moment for digital assets," Fadell told WIRED. "You can't just integrate it into a phone, no matter how much you try. You need to have a real physical key in your life that holds the digital."

The product from one of the tech industry's early innovators comes amidst a watershed moment for crypto. Heightened scrutiny has been swirling around the digital currency following the recent pitfalls of a number of large crypto players. This includes the multi-billion crypto exchange FTX, which filed for bankruptcy after a total collapse.