Crypto Wallet Ledger Opens Business Unit Dedicated to Institutions
Ledger, popular for the provision of crypto cold wallets, has announced Ledger Enterprise Solutions' launching to serve institutional clients.
The newly formed division will offer crypto custodial services for institutions such as Tesla and MicroStrategy, which have embraced Bitcoin in the recent past.
The new division will also provide consulting services to its clients and has already employed 50 people in different categories. Ledger announced that it would employ 60 more people before the end of the year.
Jean-Michel Pailhon will lead the division as the vice president in charge of Business Solutions. Pailhon will be joined by Alexandre Lemarchand, who was recently appointed a vice president in sales and partnerships. In addition, Ledger Enterprise recruited Alex Zinder, the ex SDX developer, the VP in charge of engineering, and Laurent Castillo, ex Thales engineer, the VP in charge of technical architecture. Pailhon explained,
“Ledger Enterprise Solutions represents our company’s investment in the future of broad-scale financial adoption of cryptocurrencies and other digital assets by enterprise-class businesses. Our mission is to enable the digital assets industry to become a multi-trillion dollar industry.”
Already, the division has recruited various clients, including Crypto.com, Bank Frick, BitStamp, Komainu, Nexo, among others.
Komainu, a digital asset custody, is a joint venture with Nomura and CoinShare in June last year. Last week the firm raised $25 million in Series A funding.
The crypto assets custody sector has become a hot cake with numerous institutions entering the crypto space. Ledger joins other custodial services providers in offering enterprise custodial services such as BitGo, Fireblocks, Anchorage, and PayPal’s owned Curv.
Pailhon explained that as more firms continue recognizing cryptos in their balance sheet, there will be a rise in demand for enterprise custodial services. He said,
“As more companies apportion significant parts of their balance sheets to blockchain-based holdings, we recognize the drastic need for enterprise-grade solutions for holding and securing digital assets.”