Ledger, one of the pioneering firms in the hardware wallet business, is booming. The business has been good, according to Ledger CEO Pascal Gauthier. The demand for cryptocurrency hardware wallets is almost the same as the last year, even with the disastrous year that crypto is having. This because more and more institutions and individuals are using crypto as an important part of their structures.
Ledger Hardware Wallet Business Is Strong
One would think that the demand for cryptocurrency related gadget would have gone down. This because of the bear market that the cryptocurrency market has been facing since early January. But even in this bubble pop scenario, as someone says, interest is very strong. these are the thoughts of Paul Gauthier, CEO of Ledger. Ledger is one of the leading companies in the business of hardware wallets.
Hardware wallets are specifically designed to be secure. These are stand-alone physical products that help you keep your private keys secure. And it is surprising that even in this so-called crypto winter, sales are as good as last year. Pascal declared in an interview that sales these holidays were just well. He stated:
“I’m happy to report Black Friday ’18 was almost on par with Black Friday ’17,”
a thing that shows their proposal is as good as ever.
Pascal is not sure of the reasons that have caused this phenomenon, but he lists some causes. The first reason is that hacks and thefts have been very common this year. even normal people that use crypto sees the benefit in owning a cryptocurrency hardware wallet. Serious traders and even holders with mid to high crypto savings are well incentivized to possess a hardware wallet. A hack is not an uncommon experience and the recent SIM Swapping happenings are an example of that.
This has an explanation in the recent rise in institutional interest in cryptocurrencies. Institutional investors might be preparing for a run in into the cryptocurrency market. As institutions will handle a lot of crypto assets, they need preparation to exert custody on those assets. Third party custody services are available, but some institutions will prefer to keep custody themselves without a doubt.
This kind of demand is also a reflection of the maturity in the cryptocurrency market right now. Before, a bear market like this would have naysayers screaming that bitcoin was death. Now, they see it as a thing of the moment, with serious crypto investors looking at the long term.