The company is betting on its new Ledger Stax product to appeal to a wider audience. Ledger
Since the FTX scandal, the French company specializing in securing cryptoassets has seen an influx of owners wishing to keep their digital assets themselves.
The year 2022 has been “exceptional” for the world leader in securing cryptoassets. While the last twelve months have been difficult for most companies in the crypto ecosystem, the context has instead played in favor of the French company Ledger. Following the FTX scandal and the surrounding uncertainty, many crypto-asset owners preferred to flee the large centralized exchange platforms to ensure the custody of their precious digital assets themselves.
The company saw a marked acceleration in growth in the last quarter, with volumes increasing fourfold between October and November. And the recent setbacks in part of the banking sector in the United States and Europe are fueling the movement. A number of investors have turned back to Bitcoin, the price of which has rebounded, and need to secure their purchases. “Since the beginning of the year, we sell more hardware products and we have more users of our services.confirms Pascal Gauthier, CEO of Ledger.
Since its creation in 2014, the company has observed a positive correlation between the occurrence of a crisis and the evolution of its income. The company does not communicate precise monthly turnover but evokes tens of millions of euros. “Our security solutions become safe havenssummarized the leader last week during Paris Blockchain Week, an event bringing together the crypto industry.
Support growth
Last year, the French company exceeded 6 million sales of its flagship product, the Ledger nano, a secure physical device that allows you to keep the private “keys” giving access to your digital assets with you, without depending on a third. It also claims more than 1.5 million monthly users of its Ledger Live application, which offers a set of services, including the exchange of cryptoassets securely within its platform. “Crypto-asset trading volumes within our secure platform are explodinghe adds. Ledger estimates that it secures more than 20% of cryptocurrencies and 30% of NFTs in the world today.
To support this growth, the company has just raised an additional 100 million euros from new investors, including the funds True Global Ventures, Cité Gestion, Digital Finance Group and VaynerFund. It thus completes a funding round of 456 million euros, after the 380 million dollars raised in June 2021 which valued it at more than 1.5 billion dollars.
To achieve its ambitions of installing a global consumer brand, the company is working to constantly simplify the user experience, which remains a hindrance for many. Last December, Ledger presented a physical wallet, the “Stax”, whose design was conceived by Tony Fadell, the famous designer of the iPod and the iPhone. Resembling a small smartphone the size of a card holder, it promises to be easier to use and will be available in the summer.