Recently Pascal Gauthier, President of hardware maker Ledger, appeared on an interview with Fortune where he talked about the current sales and growth of the Ledger Wallet.
Gauthier attributes the ongoing interest in hardware wallets to big institutions entering the crypto market.
Unlike the run-and-gun attitudes that prevailed during last year’s crypto mania, Gauthier says these companies treat security as a paramount priority, and added that new crypto projects are laser-focused on security as well.
Gauthier added that Ledger’s customers also include law enforcement agencies, which are increasingly confiscating crypto funds from criminals.
Hardware wallets like Ledger’s flagship Nano S provide a way for these agencies to hold the funds.
While Ledger’s customer base consists of individual crypto holders, the company also sells directly to businesses through Ledger Vault, its new B2B unit. Gauthier also said the company is exploring ways to offer its distinct security features in other areas, including the emerging Internet-of-Things economy.
Asked to describe the mood during the current bear market, Gauthier acknowledged people are discouraged but also took a long view.
“The mood always follows the price,” he said. “People sometimes forget these all new technologies are very new. You shouldn’t ask too much from new technologies.”
Building a consumer based business is quite difficult. We often see companies slowly pivot out of the individual consumer space and offer enterprise solutions. This is one way to ramp up the overall deal size and order value.
What would be more interesting to see is how Ledger will pivot their pipeline’s priority to add more security features for these bigger companies.