Ledger hardware crypto wallet manufacturer and developer traded over 1 million hardware wallets in 2017, making a profit of $29 million.
In an interview with Forbes, Ledger president Pascal Gauthier noted that the absence of secure platforms which users can use to sign transactions on the immutable public blockchain drove the overall demand for Ledger and hardware wallets to increase.
“Blockchain itself is secure, but signing on the blockchain is a flaw. If you lose the [private key], there’s no bank looking after your assets or any way to recover them,” Gauthier told Forbes.
Earlier in 2018, Ledger made $75 million led by billionaire early stage technology investor Tim Draper and Draper Venture Network funds. The Series B funding round of Ledger was a key motivation from its existing Series A funding round that ended a $7 million investment.
Following a profit year with an attractive financial outcome, Ledger is ready to make more multi-million dollar funding round this year. As of now, some of the largest technology groups in the world including Samsung, Siemens and Google’s ventures are have watched the financials of Ledger, with interest of investing in the firm, Forbes disclosed.
The previous Series B funding round of Ledger was primarily used to develop the infrastructure of Ledger and making products aimed at retail traders and individual investors. In the future, Gauthier noted that the company will concentrate on delivery products for large-scale institutional investors, whose entry into the cryptocurrency industry seems to be forthcoming mainly as a result of the debut Coinbase Custody.
Presently, the majority of large-scale investors holding bitcoin are suing vault systems of Xapo and Coinbase to keep their funds. Yet, requiring vaults to hold massive amounts of bitcoin will need investors to trust operators of the vault.
The dream of Ledger in the long-term is to facilitate an ecosystem that will permit even large institutions to hold cryptocurrencies such as bitcoin, ether, and tokens without depending on third-party service providers.
“You need a Ledger Nano S solution for institutions, products that are made for big and small financial institutions,” Gauthier explained, stressing that clients are “queuing” outside the office of Ledger in France to buy Ledger Vault.