On Monday (26 November 2018), crypto hardware wallet maker Ledger announced its expansion to New York City, a move that should enable the French company to more easily promote and sell the Ledger Vault (its crypto custody solution for asset managers and custodians).

Background

Ledger, which was founded in 2014, describes itself as “a fast paced, growing company developing security and infrastructure solutions for cryptocurrencies as well as blockchain applications for individuals and companies, by leveraging a distinctive, proprietary technology.” They have “a distinctive operating system (OS) called BOLOS, which we integrate either to a secure chip for the Ledger wallet line, or to a Hardware Security Module (HSM) for various enterprise solutions.”

For retail investors, Ledger offers two types of hardware wallets: “the light Ledger Nano S and the touchscreen Ledger Blue, which can both support directly 23 cryptocurrencies, and dozens more via third party applications.”

For enterprises, it offers the “Ledger Vault”, which is “a multi-authorization cryptocurrency wallet management solution enabling financial institutions to safekeep their funds.”; this solution is “ideal for Asset Managers and Custodians looking for convenience and streamlined operations with zero compromise on security.”

Expanding U.S. Presence

In a blog post published earlier today, Ledger announced that it was expanding its U.S. presence (it already had an office in San Francisco) by opening a new office in New York City, and that it had appointed Demetrios Skalkotos to manage the worldwide business unit operations for the Ledger Vault. Skalkotos’ job title is “Global Head of Ledger Vault.” He reports directly to Pascal Gauthier, the President of Ledger.

According to his Linkedin page, Skalkotos’s responsibilities include leading “the business development and roll out of the Ledger Vault solution to hedge funds and high-net-worth individuals investing in crypto-assets.” More interestingly, it says that he is currently “leading early access beta launch of Ledger with 25 select institutions, which will be followed by an industry-wide launch in late 2018.”

Skalkotos had this to say about the need for a product such as the Ledger Vault:

“As Blockchain revolutionizes the financial system, so must the security solutions that protect it. Secure storage of large multi-cryptocurrency funds is a highly complex challenge that cannot be solved by just implementing procedures. Institutions are looking for safer storage options along with integrated governance policies, but don’t want to sacrifice convenience — at Ledger, we believe that investors shouldn’t have to compromise. The Ledger Vault provides financial institutions, family offices and fund managers with a secure solution and a reliable governance framework — allowing investors total control and security without sacrificing speed.”

He also added:

“As crypto becomes more widely adopted, it is critical that we scale enterprise-level solutions accordingly. The Ledger Vault does just that — we are the necessary digital plumbing that will provide security custody management to the industry.”

And Pascal Gauthier, the President of Ledger, explained why his company had decided to open an office in New York City and why Skalkotos had been chosen for this role:

“New York City is the center of the financial world, hence having our Ledger Vault operations based in the region was a natural fit. Having spent his whole career working as a leader in enterprise and financial services products, Demetrios Skalkotos is the perfect candidate to bring Ledger Vault to life and oversee its continued growth.”

As covered by CryptoGlobe, on 30 October 2018, Ledger announced that it had “expanded its global presence to Hong Kong” to “meet increasing demand” for both the Ledger Vault and the Ledger Nano S.

Featured Image Courtesy of Ledger