Ledger President Admits Cryptocurrency Hardware Wallet Market is Still Growing Despite Price Drops
The mention of the current cryptocurrency market may illicit mixed reaction among digital assets enthusiasts. True to word, the market has indeed seen better times than what we are witnessing right now. A majority, if not all, cryptocurrencies are struggling with Bitcoin fighting to wade-off further drop from $4,000. Crypto hedge funds are also shutting up shop, with most riding on losing most of their investment.
Despite the market being in the red, Ledger, the crypto wallet manufacturer, is still experiencing a somewhat surprising silver lining in the dark crypto cloud. Although cryptocurrency markets are experiencing a downturn, the crypto hardware wallet firm is making the market aware that their sales are doing just fine.
In an interview with Fortune, Ledger's President, Pascal Gauthier told Jen Wieczner:
“I am happy to report Black Friday '18 was on par with the Black Friday '17.”
On inquiry of the exact figure, Pascal was reluctant to mention the numbers, but it does acknowledge that the hardware wallet firm has sold over 1.4 million Ledger Nano S units.
Why The Growing Momentum
Although Ledger records increased interest reflected by the Black Friday sales, a large portion of the crypto industry is still discouraging. However, Ledger can positively attribute its prevailing condition to several growth factors within the crypto hardware wallet industry.
Gauthier gives credit to the entry of institutional investing into the crypto markets. Unlike individual investors, Gauthier recognizes that these firms make securing their crypto investment the paramount element. New crypto projects are also focused on security, and the use of hardware wallets eliminates the vulnerability of cold storage options.
However, the recent hacks and heists are perhaps the leading cause for the crypto community to see hardware wallets as a much secure option. Storing the crypto funds on a physical device rather than online offers the convenience of safety but hardware wallet users should recognize the possibility of kidnapping that comes by using the storage option.
In the interview with Balancing the Ledger studio, Pascal also adds that a good number of Ledger's customers stem from law enforcement and authorities dealing in crimes involving cryptocurrencies. Ledger's hardware wallets such as the Nano S are an excellent option for agencies to store the ever increasing crypto loot they confiscate from criminals.
The diversification of Ledger could also be a factor in helping improve their customer base. Apart from facilitating individual crypto holders, Ledger's clients also include businesses that use the custom-made Ledger Vault, a new B2B unit. According to Gauthier, the company is also exploring ways to offer more distinct security features that will accommodate aspects such as the merging Internet-of-Things economy.
The Future For Hardware Wallet Market
Gauthier recognizes that the current crypto situation is quite discouraging. But, he does emphasize that the industry should consider the potential of the new technology in the long term.
“The mood always follows the price. People sometimes forget that all new technologies are very new and you should not ask too much from new technologies.”