Succeeding at plugging the leakages associated with cryptocurrency storage, a menace which has left many cryptocurrency investors in enormous losses to cyber fraudsters, Ledger, the highly reputed hardware wallet manufacturer is on the verge of becoming a cryptocurrency unicorn.
Ledger taking Over
According to a Forbes report, about 165 countries adopted the Ledger in 2017, giving the firm an impressive $52.9 million in sales, with a profit of $29.4 million. The firm sold over one million devices in 2017.
At a time when cyberpunks are getting more sophisticated in their act, hardware wallets come as an excellent solution to the shortcomings of storing cryptocurrencies, courtesy their cold storage functionality.
According to Pascal Gauthier, the president of Ledger, the shortage of safe platforms for users to sign transactions on the blockchain generally fueled the demand for Ledger Nano S and other hardware wallets
“Blockchain itself is secure, but signing on the blockchain is a flaw. If you lose the [private key], there’s no bank looking after your assets or any way to recover them.”
In recent times, widespread security mishaps have led to cryptocurrency investors millions of dollars worth of cryptocurrencies due to hacks or by misplacing their private keys.
Built like a simple USB device, the Ledger Nano S, solves the problem of hacks or private key loss by securely saving wallet codes, away from the interference of the internet (cold storage).
Although similar to hardware wallets such as Trezor and Secalot, the flexibility and security that comes with Ledger Nano S have however made it the crypto wallet of choice for a vast array of holders.
Gauthier Gunning for More
Ledger Nano S wallets have seen an almost instantaneous success, with captains of industries and hedge fund managers making it a part of their accessories. With the massive acceptance, Gauthier got inspired to create something for the big players in the “cryptoverse,” with Ledger Vault and another security-focused product still in the works.
Ledger Vault has hit the ground running, with “literally clients queueing outside our office to buy it,” as claimed by Gauthier. The groundbreaking product is a “multi-user software product with Nano S-style hardware keys,” which makes it possible for people in a family office or a hedge fund to use a single crypto wallet but they’ll have different permissions and access levels.
In May 2018, BTCManager reported Ledger had collaborated with Nomura, a Japanese financial firm, and Global Advisors to launch Komainu, a business venture that would enable financial institutions and large cryptocurrency holders to deposit their crypto assets in a Ledger-designed vault system controlled by Nomura.
Due to the risky nature of the new venture, Gauthier is now looking to raise more funds by conducting an unusual ‘second phase’ to its Series B funding round which ended in January.
If rumors are anything to go by, tech heavyweights including Siemens, Samsung and Google’s venture arm, GV are keenly interested in backing Gauthier’s new initiative.
If all goes as planned, Ledger may become the next cryptocurrency unicorn sooner than later.