With the surge in bitcoin and escalating AI threats, the Paris-based hardware wallet maker is leveraging its lead in crypto security to redefine digital identity protection, targeting a larger market.
By
Nina Bambysheva
, Forbes Staff
Crypto is back, bigger and bolder than ever. Bitcoin is on the cusp of $100,000, meme coins are mushrooming at breakneck speed, and a new wave of traders is flooding the market. However, this surge in interest has also brought back an age-old threat: the constant risk of hacks. In the first half of 2024 alone, cybercriminals made off with $1.3 billion from crypto investors, a stark increase from $657 million during the same period last year.
Enter Ledger, a Paris-based company established in 2014 that has dedicated a decade to enhancing cryptocurrency protection. Ledger’s primary product, a hardware wallet, acts as a high-tech vault for digital assets by safeguarding the private keys—complex passwords required to access digital wealth. Every Ledger device generates a 24-word recovery phrase upon setup, serving as a master key for recovering funds if the device is lost or damaged. Transactions using the device require physical confirmation, ensuring that even if a hacker compromises the computer, they cannot access funds without physical possession of the device and knowledge of the recovery phrase.
Pascal Gauthier, CEO of Ledger, emphasizes the importance of security, stating, “When you’re a security company, the test of time is everything.” Ledger has maintained an impeccable record with no reported hacks on its wallets during its ten years in the industry.
The recent surge in Bitcoin from $68,000 to $98,000 has significantly boosted Ledger’s business, resulting in a threefold increase in hardware sales and a 3.5x spike in transactions on Ledger Live.
Looking ahead, Gauthier envisions Ledger expanding its reach beyond cryptocurrency to become a leading cybersecurity company. Ledger aims to reposition itself in a market dominated by tech giants like Apple and Google by emphasizing the flaws in smartphone security and software wallets like MetaMask and Phantom.
