Eric Larchevêque, the CEO of Ledger, a Paris-based tech firm that develops security solutions for cryptocurrency and blockchain applications, has said that crypto bear market could last another “12-24 more months.”
Larchevêque, a computer science graduate from ESIEE Paris, noted that low cryptocurrency prices have an impact on the industry as “the presence of mass media is much smaller.” He added that when digital asset project valuations are down, there’s usually “less traffic and fewer sales.”
Larchevêque’s comments came during an interview with CCN (on February 2) – during which he stated that the management at his firm, Ledger, is expecting “some kind of nuclear winter in crypto.” Explaining Ledger’s strategy when it comes to dealing with lower projected revenue in what’s now officially the longest crypto bear market in history, Larchevêque said his development team was “adapting the growth of the company to make sure [it] can withstand two years of the bear market.”
Working With Family Offices, Hedge Funds, Investment Banks
According to Larchevêque, cryptocurrency prices go through different cycles, meaning that he is confident there “will be a bullish market again”, however it could “take some time.” When questioned about “developments” related to the launch of the Ledger Vault, (a “multi-authorization cryptocurrency wallet management solution enabling financial institutions to safekeep their funds”), Larchevêque remarked:
Yes, we launched [the Ledger Vault last] summer into what we call ‘early access’ with 20 customers who worked with us to deploy [it]. Now we have launched the Vault into production. We have released new versions and are moving forward with dozens and dozens of new customers.
He explained the global launch of the Ledger Vault involved opening additional business offices in New York and Hong Kong. As mentioned on the crypto hardware wallet manufacturer’s official website, the Ledger Vault is “ideal for asset managers and custodians looking for convenience and streamlined operations with zero compromise on security.”
In response to a question about the “type of customers” that are interested in solutions like the Ledger Vault, Larchevêque said mainly crypto hedge funds, investment banks, financial institutions, and family offices were interested in the firm’s digital asset cold storage solution.
Traditional Stocks, Bonds To Be Tokenized
Interestingly, Larchevêque revealed that Ledger’s institutional clients “believe in crypto as some kind of investment vehicle but they also believe in the future of tokenization. That we will have some kind of bonds, stocks, securities or fiat money with tokens. And they want to prepare themselves by having the back office ready first.”
Commenting on whether the Yellow Vests protests in France had any impact on bitcoin’s (BTC) popularity, or if they resulted in increased awareness of cryptos, Larchevêque said the media has “exaggerated” the whole incident. He clarified:
The yellow vests do not really know about Bitcoin and they do not really think that cryptocurrency will solve their problems.
