LONDON — Crypto wallet maker Ledger says it is ready to launch its long-awaited Ledger Stax hardware wallet, which was designed by iPod inventor Tony Fadell, in May.

Ledger, which makes hardware and software wallets for crypto investors, first announced Ledger Stax in 2022 following a fall in crypto prices following the collapse of crypto exchange FTX.

The product, which CNBC obtained at the time, is about the size of a credit card and allows users to track their crypto holdings on an E-ink display, similar to the technology used by Amazon in its Kindle line of e-book readers .

Speaking to CNBC at the Blockworks Digital Asset Summit in London, Ledger CEO Pascal Gauthier said he expects Ledger Stax to launch soon.

“Stax is coming out in two months,” Gauthier told CNBC on stage Tuesday at the event. “We finally figured it out and it’s coming out very soon.”

Ledger Stax has been hit by a series of delivery delays over the past year due to problems with the smooth operation of its E-ink display. The product also has it is reported faced with production difficulties.

The launch was also hit by a series of complaints from users due to delays in the launch of the device.

The main factor holding back the wallet’s launch, according to Ledger’s Gauthier, was trying to wrap its E-ink display around the device.

After this story was published, a Ledger spokesperson told CNBC that the exact timetable for Ledger Stax deliveries to customers will be released by the end of this month.

“The Ledger team has been working around the clock to improve the yield of Ledger Stax displays and has made significant progress,” a Ledger spokesperson told CNBC.

“Pascal shared our best-case schedule today, which sees pre-orders begin shipping in the spring,” a Ledger spokesperson said. “We’ll have a full update by the end of March for pre-order customers, and we can’t wait to ship their Ledger Stax, a truly next-generation device.”

“This is just the start of a big year for Ledger,” the spokesperson added.

The Stax, which costs $279 and is available for pre-order from late 2022, will resemble a small smartphone or credit card reader.

Measuring 85 millimeters long and 54 millimeters wide, it’s about the same size as a credit card. It’s also about 45 grams, weighing less than an iPhone.

Users can deposit or exchange a range of tokens including Bitcoin, Ether, Cardano, Solana and Non-Fungible Tokens or NFTs.

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Stax also includes magnets so that multiple devices can be stacked on top of each other, like a stack of books or money – hence the name Stax.

Users can connect it to their laptop via USB cable or their phone via Bluetooth.

Gauthier said the product was designed to be much easier to use than current hardware wallets.

“We realized that independent care and ownership is not going to be for everyone,” Gauthier said.

But Gauthier said the firm already has a robust ecosystem of suppliers in place to ensure Stax will be ready for general release by May.

He added that the Ledger team was persistent rather than giving up on the creation of Ledger Stax, noting that Fadell himself had insisted that the company continue to work on the launch.