Cryptocurrency and blockchain security provider Ledger is expanding its services to Hong Kong and has appointed Benjamin Soong as the company’s new head for the Asia Pacific operations.
The move is part of the company’s initiative to address the rising demand for the company’s most sought-after products, Ledger Vault and Ledger Nano S. As it stands, Ledger’s hardware sales account for 30 percent of the Asian market.
While Ledger Vault provides “state of the art security” and info-tech infrastructure to help firms manage crypto assets, Ledger Nano S serves as a hardware wallet allowing users to receive payments in over 40 digital currencies.
As Soong stated in a press release published October 30:
“Institutions are looking for safer storage options along with integrated governance policies, but don’t want to sacrifice operational efficiency — with our technology, investors don’t have to compromise.”
Explaining the firm’s global expansion, Soong went on adding:
“We expect to grow quickly, and have already targeted future office expansion, including Tokyo, Seoul and Singapore. I look forward to building a world-class team that will help us accelerate our growth across Asia Pacific.”
In addition, the release also announced that Ledger Vault is adding support for stablecoins, including Tether [USDT]. Despite losing its dollar parity, Tether remains a popular stablecoin among the crypto community in the Asia Pacific, said Soong, noting that:
“One thing that is slightly unique in China and South Korea is the demand for USDT. Since both of those countries have capital controls, in terms of your ability to move currency out of the country. USDT is a vehicle that is kind of unique in the market out here, that I’ve seen so far.”
According to Soong, Korean and Chinese investors are more eager to venture in digital asset investments that are either pegged to fiat currency or backed by traditional financial institutions.
As indicated in the company’s roadmap, Ledger intends to support more than 100 stablecoins by the end of the year, as it pushes through with its expansion across Asia. Among the digital assets slated to be added includes Lisk [LSK], RavenCoin [RVN], Tezos [XTZ], Cardano [ADA], Decred [DCR], and IOTA [MIOTA].