One of the world’s leading manufacturers of crypto hardware wallets, Ledger, had a massive 2017, selling over 1 million wallets and recording profits of USD 29 million. In an interview by Forbes, Ledger president, Pascal Gauthier, talked about how the lack of secure platforms has led to more people than ever before seeking a hardware wallet solution.
Ledger really took off, amassing vast profits in 2017 and taking a massive market share in the crypto hardware wallets sector. Gauthier told Forbes that demand for Ledger hardware is on the rise across the board during these exciting times.
The future of crypto hardware wallets at Ledger
Gauthier went on to discuss that blockchain is secure, but signing on the blockchain could be a mistake. The main issue is that there is no bank or organization to protect crypto users if your assets are lost and have no way to recover them.
During the first part of 2018, Ledger has raised over USD 75 million, which was led by tech investor Tim Draper and his Draper Network funds. This was the Series B round of funding that was aimed to boost its first round that raised close to USD 7 million in investment money.
With last year’s profits and financial success still at the forefront of their minds, it is set to be another great year for the company. Their successes have made big news and are beginning to attract big-time interest from conglomerates such as Samsung, Google, and Siemens. These major companies have seen the financials of Ledger and are interested to invest in the tech firm.
The main aim for the Series B funding program for Ledger was to improve the infrastructure of the company while targeting the creation of products. Although their crypto hardware wallets were a massive success in 2017, the time is now to head towards the future, said Gauthier. The company is now focusing on delivering products for major-scale investors who are attempting their first soiree into the world of cryptocurrency, which is primarily due to the debut of Coinbase Custody. Although large-scale investors are using systems such as Xapo and Coinbase to store their bitcoin, they still do not fully trust these operators.
Ledger’s long-term vision is to create an ecosystem that will facilitate the holding of cryptocurrencies for large-scale investors without relying on a 3rd-party provider.
Increasing demand for hardware wallets
The rise in cryptocurrency theft over the past 12-months with major hacking attempts on Bithumb, Coinrail, and Coincheck, alongside exchanges in the South Korean and Japanese markets, means there is more need than ever before for secure crypto hardware wallets.
Coincheck underwent a USD 500 million hacking attempt that happened via a simple error of the company to store its funds in a hot wallet in NEM. Hacking attempts on exchanges such as these are becoming more commonplace than ever before.
The increase in demand for crypto hardware wallets is driving the next phase of hardware at Ledger such as their Ledger Nano S and the Ledger Vault, so 2018 promises to be another year of success for the company.