Paris-based cryptocurrency hardware wallet manufacturer Ledger saw a surge in sales following the bankruptcy of popular crypto exchange FTX, as investors sought to take control of their assets by moving them offline. The company's chief experience officer, Ian Rogers, revealed that Ledger experienced "our biggest sales day ever" and November 2022 became "our biggest sales month on record". Despite controversy surrounding a new secret recovery phrase storage service known as Ledger Recover, Ledger remains one of the most prominent wallet makers in the world.
Changing tone of Bitcoin
In an interview with Cointelegraph, Ledger CEO Pascal Gauthier discussed the changing climate of the cryptocurrency sector in the United States. Gauthier noted that the US Securities and Exchange Commission's (SEC) implication that Bitcoin is a utility and/or commodity, rather than a security, triggered a shift in the media narrative around the cryptocurrency. As a result, large institutions such as BlackRock began applying for Bitcoin exchange-traded funds (ETFs), marking a significant turning point for the industry.
Regulatory future and offline storage
Gauthier discussed the impact of US regulations on the fate of cryptocurrency in the country, suggesting that the next administration will decide how aggressive the US government will be towards the industry. The interview also touched on the role of offline storage devices, commonly known as cold wallets. Gauthier acknowledged early critiques of the user experience (UX) of cold wallets, but emphasized the importance of balancing usability with security. He also highlighted Ledger's new subscription service, Ledger Recover, which allows users to safeguard their recovery phrases by sharding their private key.
Business in Europe and the US
Gauthier and Rogers discussed the differences between doing business in Europe and the US. While Europe has a reputation for over-regulating the industry, Gauthier expressed optimism about changes that may come in the US, noting that the country has a slow but ultimately beneficial process for altering laws. The interview also touched on the lack of innovation in Europe compared to the US and China.
Overall, despite the challenges and controversies faced by Ledger, the company remains positive about the future of cryptocurrencies and blockchain technology.
