Siemens and other tech giants including Samsung and Google have demonstrated enthusiasm for working with physical cryptocurrency wallet manufacturer, Ledger. The crypto wallet designer and producer sold over 1 million physical wallets in 2017, recording revenue of about $29 million.
Ledger: A Crypto Revelation
During a recent meeting with Forbes, Ledger’s president, Pascal Gauthier, reportedly stated that the absence of secure stages which clients can use to sign exchanges on the changeless open blockchain drove the interest for crypto equipment wallets, all in all, to rise. Gauthier said that:
“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.”
At the early stage of Bitcoin emergence, users would ordinarily keep their private key by saving them on their PC yet, as the value of Bitcoin increase, the danger of your PC being hacked and your key being stolen also increased.
The typical methodology for some individuals at the time was to depend on their Bitcoin fortunes to outsiders, yet these outsiders rapidly ended up colossal targets themselves, an example of such is the Mt Gox hack in 2014 when digital theft prompted the loss of $450 million in Bitcoin (BTC).
Ledger’s aim was to put private keys, Bitcoin’s “single purpose of failure,” in what’s known as “cold storage”— physically detaching them from the web inside and out on a different gadget with the size of a USB stick.
There are many physical crypto wallets accessible with names like Trezor and Secalot. However, Ledger’s usability and security with gadgets like the Ledger Nano S rapidly made it among the top in the line. Gauthier also stated that:
“But only if we feel there is a strong business interest to build something with us, an interest that goes beyond just the money.”
The president decided not to mention names, saying the wallet is conversing with “a lot of people,” however a source revealed that Siemens, Samsung and Google’s wander arm GV have all indicated premium and that there’s discussion of Ledger’s valuation nearing $1 billion. This would make the hardware wallet Europe’s first crypto unicorn.
While another financing round isn’t ensured, what is sure is that interest for Ledger’s items is just set to develop. The organization is on track for another profitable year and, with stock investments supervisors queuing outside Gauthier’s office, Ledger could rapidly be going from TV’s Billions to a billion-dollar business of its own.