Self-custody is driving new crypto cycle of adoption — Ledger exec

More than $3 billion in crypto-related hacks and scams in 2024 have led to heightened awareness of self-custody for digital assets. As a result, an increasing number of investors are opting for hardware wallets rather than relying on centralized exchanges.

A major hack on the WazirX crypto exchange in July 2024 caused $235 million in losses and affected over 4 million users in India. Speaking to Cointelegraph during a 10-year anniversary tour, Jean-Francois Rochet, the executive vice president of consumer services revenue at Ledger, highlighted the need for educating the masses about self-custody within such dense geographies:

“The Indian market needs to understand the benefits of crypto self-custody and the critical importance of digital security,” Rochet said.

The ultimate goal for a hardware wallet service provider like Ledger is to make devices as user-friendly as possible while always maintaining our uncompromising level of security. “This has been our guiding principle since day one,” added Rochet.

Rochet pointed to India’s extensive developer base as a key contributor to the global digital asset revolution, evolving from tech services to advanced research and development. As a result, Ledger views India as a pivotal market for hardware wallets.

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Currently, Ledger’s baseline offerings — the Nano series — are the company’s best-selling product line. However, the company has also been focusing on offering high-end touchscreen devices, such as Ledger Flex and Ledger Stax, to users eyeing self-sovereignty and financial freedom:

“As we’re now in a new crypto cycle of adoption, the demand for self-custody will keep rising, and more people are going to recognize the benefits of digital ownership, which are self-sovereignty and financial freedom.”

Ledger has introduced a clear-signing initiative to make “complex smart contract data” more understandable for everyday users, allowing them to verify transactions they sign. Rochet said this technology could help drive mainstream adoption, noting that intuitive and secure experiences are essential for broader acceptance of crypto.

On the enterprise level, the Ledger Enterprise offering enables corporations, such as institutional players, banks, funds and governments, to ensure security and governance by not allowing a single point of authority to manage large sums of digital assets. 

Rochet reiterated Ledger’s commitment to an uncompromising level of security, adding, “This has been our guiding principle since day one, and it will continue to drive us in the years ahead. Our roadmap reflects this dedication.”

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