While crypto hedge funds are increasingly ceasing operations in the aftermath of the massive price collapse across the crypto markets, with Bitcoin sinking below its $4,000 price mark, crypto hardware wallet provider Ledger remains resilient with this year’s Black Friday sales almost on par with last year’s sales volume, according to Ledger president Pascal Gauthier.
And while Black Friday sales may not necessarily indicate the overall status of the wallet market nor the crypto industry, the news is still a welcome development for the crypto community.
According to Gauthier, the significant traction that hardware wallets have been gaining in recent months can be attributed to the increasing number of major institutions entering the crypto sphere. As he noted, such companies regard security with paramount importance, adding that new crypto ventures are also increasingly placing security features as a top priority.
With the exponential rise of crypto heists in recent years, people are increasingly pivoting to hardware wallets as a more secure storage for digital assets rather than online.
Among Ledger’s customers include a number of law enforcement agencies, Gauthier added. As it stands, cold storages like Ledger’s Nano S allow such agencies to hold crypto funds, particularly those confiscated from criminals.
While the majority of Ledger’s clients largely consist of individual crypto traders, the firm also offers products to enterprises through its newly launched B2B unit, Ledger Vault, with plans of expanding its security solution to other areas, including the nascent Internet-of-Things economy.
Describing the general mood amid the prevailing bear market, Gauthier stated that people are generally daunted by the downward market trend but are still taking a long view, noting that:
“The mood always follows the price. People sometimes forget these all new technologies are very new. You shouldn’t ask too much from new technologies.”