Ledger hardware wallet provider sees 500% revenue surge in Q1

Ledger, a number one cryptocurrency safety and infrastructure firm, reported a dramatic improve in first-quarter gross sales, underscoring the energy of the bull market by means of the first three months of 2021

Revenues surged over 500% between January and March, the corporate reported Wednesday. Ledger stated it was worthwhile in the course of the quarter, however didn’t disclose precise figures.

Ledger is the corporate behind the Ledger Nano S and Nano X hardware wallets, which permit customers to self-custody digital property comparable to Bitcoin (BTC). It competes for market share with Trezor and a number of other different lesser-known wallets.

“The entire industry is in hyper-growth, and we are proud to be a part of it,” stated Ledger CEO Pascal Gauthier, touting his firm’s “talented and hard-working team.” 

Ledger is increasing its in-house capability considerably, with over 150 open positions needing to be crammed. On Wednesday, the corporate introduced that it had crammed two government positions headed by former leaders of eToro and Opera. The firm lately crammed the function of vice chairman of NFTs, or nonfungible tokens, because it expands its providers to artists and NFT administration.

Importantly, Ledger seems to have recovered from a high-profile leak in December 2020 that uncovered 270,000 crypto wallet patrons. The firm affirmed that the safety breach didn’t have an effect on the protection of consumer funds. Nevertheless, it resulted in a adverse public relations backlash towards the corporate.

It stays to be seen whether or not corporations like Ledger will proceed their speedy growth in the face of broader market headwinds. Crypto markets bought off sharply on Wednesday, with Bitcoin sliding beneath $40,000 and the broader altcoin market following swimsuit. Peak to trough, the market shed $1 trillion from its mid-May excessive of round $2.5 trillion.