Ledger (startup)

LedgerIndustry| Securing cryptocurrencies

|

Founded| 2014; 12 years ago (2014) in Paris, France
Founders| Éric Larchevêque
Headquarters|

Paris

France

Number of employees

| 200
Website| ledger.com

Ledger is a french start-up which designs and markets cryptocurrency wallets for individuals and businesses. Among its products is the Ledger Nano S, which has sold more than 1.5 million units worldwide[1]. The start-up employs approximately 200 people and has sites in Paris, Vierzon, New York City and Hong Kong[2].

## Contents

* 1 History
* 1.1 Creation
* 1.2 Development during the crypto-currency bubble
* 1.3 Hard times
* 1.4 Return to upward trend
* 2 Market diversification
* 2.1 Wallet for companies
* 2.2 Internet of Things
* 3 Awards
* 4 References

## History

### Creation

In 2014, Éric Larchevêque creates Ledger with various collaborators, among which is Thomas France[3].

The first product to be marketed is the Ledger Blue, a touch pad that allows the user to send or receive cryptocurrency payments and to monitor their accounts[4]. Since the tablet is expensive to produce, and therefore high-end, another more affordable model is launched from it: the Ledger Nano S, a device the size of a USB key that allows the same actions to be performed. The main cryptocurrencies are supported at launch, including Bitcoin, Ethereum or Ripple[5].

The technology used is developed in-house, in particular with an embedded operating system designed for smart cards called "BOLOS" for Blockchain Open Ledger Operating System. This allows the programmed functions to be isolated and therefore avoids any external intrusion.

### Development during the crypto-currency bubble

In March 2017, Ledger raises €7 million in a roundtable discussion. It is back then one of the largest financings carried out in the blockchain sector on the European continent.[6]

The start-up is benefiting from the cryptocurrency bubble, with Bitcoin rising from $1000 to nearly $20,000 in 2017 and experiencing very strong economic growth in the second half of 2017, selling one million Nano S and exceeding 10 million monthly revenues. The sales turnover for the year 2017 is 45 million euros.[7]

In 2018, it was the third largest French start-up to raise funds thanks to a $75 million fundraising campaign in January. It then reaches the scale-up category.[8] These investments come from large venture capital funds such as FirstMark Capital or Draper Triangle[9] [10]. The company then announces that it wants to use this financing for its international development and its research and development (R&D).

### Hard times

However, the subsequent fall in the Bitcoin price (from $20,000 to less than $4,000 in 2018) has a strong impact on market activity and product sales. In addition, a proportion of the start-up's jobs are at risk[11]. This is due to a previous over-optimistic recruitment policy that planned an IPO by 2020.[12]

Despite this difficult context, Ledger is investing 10 million euros in the construction of a 4,000 square metre assembly plant in Vierzon: the "LedgerPlex". The objective is thus to relocate its production (previously carried out in China) and employ up to 150 employees in the Cher department[13].

### Return to upward trend

In early 2019, at the Consumer Electronics Show in Las Vegas, Ledger announced a new product that will be released in March of the same year: the Ledger Nano X. This consists of an evolution of the Nano S, allowing a Bluetooth connection, having a larger screen and allowing to store more cryptocurrencies[14].Finally, a technical problem will delay the availability of the product and it will only be available in May 2019[15].

In the first half of 2019, Bitcoin grew by 40%, which implies a return to higher sales. The company then announces that it is once again in the recruitment phase, wishing to take advantage of a now more mature market[16] [17].

In April 2019, Samsung officially announced that it had invested €2.6 million in Ledger; the valuation of the start-up would reach €260 million[18]. Bruno Le Maire, French Minister of Economy and Finance, comments on Ledger's situation on 15 April 2019: "Ledger has everything to become our first French blockchain unicorn very quickly"[19].

At the same time, large hacks of cryptocurrency exchanges, such as Binance's (the equivalent of $40 million stolen in Bitcoin), have increased sales of physical cryptocurrency wallets due to the growing concern of users[20].

## Market diversification

Initially created with business to consumer (B2C) in mind, Ledger is seeking to diversify when cryptocurrencies become popular by integrating its operating system with business-oriented solutions.

### Wallet for companies

In 2017, the start-up launched Ledger Vault[21] [22] a solution for companies, financial institutions (Hedge Funds, Family office) or currency trading platforms[23] for the management of cryptocurrency assets. As this activity is less correlated to the evolution of cryptocurrency prices, it is considered as a way to "generate recurring revenues and provide stability to the company"[24] by Éric Larchevêque.

This solution comes with the international development of the start-up and the opening of offices in New York and Hong Kong as a way to be closer geographically to other major international financial centres.[25] [26]

### Internet of Things

Ledger is also entering the Internet of Things sector (IoT) by signing a partnership with Engie for the development of connected boxes to certify the quantities of energy produced by renewable energy sources using the blockchain[27].

Éric Larchevêque considers IoT to be the sector with the most potential in the coming years in an interview with the French newspaper Entreprendre[28].

## Awards

* Start-up of the year 2018 in Ile de France[29]
* CES Innovation Honoree Award in 2019[30]

## References

1. ↑ "Les folles ambitions de Ledger, le roi français des coffres-forts à bitcoin" (in fr). 7 April 2019. http://www.leparisien.fr/economie/les-folles-ambitions-de-ledger-le-roi-francais-des-coffres-forts-a-bitcoin-07-04-2019-8047998.php.
2. ↑ "Cryptomonnaie : Samsung investit dans la pépite française Ledger" (in fr). 25 April 2019. https://www.latribune.fr/technos-medias/innovation-et-start-up/cryptomonnaie-samsung-investit-dans-la-pepite-francaise-ledger-815222.html.
3. ↑ "Eric Larchevêque, l'âme de Ledger" (in fr). Les Echos. 10 August 2018. https://www.lesechos.fr/finance-marches/banque-assurances/eric-larcheveque-lame-de-ledger-136436.
4. ↑ "Un dernier lot de 10 000 Ledger Blue mis en vente" (in fr). 5 July 2018. https://cryptonaute.fr/un-dernier-lot-de-10-000-ledger-blue-mis-en-vente/.
5. ↑ "LEDGER, COINBASE, PAPER WALLET... LES RECOMMANDATIONS DE CAPITAL POUR PROTÉGER SES BITCOINS" (in fr). 26 March 2018. https://www.capital.fr/entreprises-marches/proteger-ses-bitcoins-les-recommandations-de-capital-1279585.
6. ↑ "Ledger lève 7 millions pour sécuriser les bitcoins des entreprises" (in fr). 30 March 2017. https://business.lesechos.fr/entrepreneurs/financer-sa-creation/0211930046879-ledger-leve-7-millions-pour-securiser-les-bitcoins-des-entreprises-308060.php.
7. ↑ "Vierzon place tous ses espoirs dans le bitcoin" (in fr). 23 April 2019. https://www.lemonde.fr/economie/article/2019/04/23/vierzon-place-tous-ses-espoirs-dans-le-bitcoin_5453639_3234.html.
8. ↑ "Start-up : les plus grosses levées de fonds 2018" (in fr). 4 February 2019. https://business.lesechos.fr/entrepreneurs/financer-sa-creation/0600606428107-start-up-les-plus-grosses-levees-de-fonds-2018-326750.php.
9. ↑ "Bitcoin : Ledger lève 75 millions de dollars" (in fr). 18 January 2018. https://www.lesechos.fr/2018/01/bitcoin-ledger-leve-75-millions-de-dollars-982194.
10. ↑ "Ledger, étoile montante française des cryptomonnaies, lève 61 millions d'euros" (in fr). 18 January 2018. https://www.latribune.fr/entreprises-finance/banques-finance/ledger-etoile-montante-francaise-des-cryptomonnaies-leve-61-millions-d-euros-765164.html.
11. ↑ "Cryptomonnaies : la pépite française Ledger va couper dans ses effectifs" (in fr). 10 April 2019. https://www.lesechos.fr/finance-marches/banque-assurances/cryptomonnaies-la-pepite-francaise-ledger-va-tailler-dans-ses-effectifs-1008346.
12. ↑ "Crypto-actifs : Ledger envisage d'alléger ses effectifs, mais pas à Vierzon" (in fr). 11 April 2019. https://www.latribune.fr/entreprises-finance/banques-finance/crypto-actifs-ledger-envisage-d-alleger-ses-effectifs-mais-pas-a-vierzon-813858.html.
13. ↑ "En France, une nouvelle usine pour l'industrie des cryptomonnaies" (in fr). 11 October 2018. http://www.lefigaro.fr/decideurs/emploi/2018/10/11/33009-20181011ARTFIG00132-en-france-une-nouvelle-usine-pour-l-industrie-des-cryptomonnaies.php.
14. ↑ "Ledger Nano X, la version Bluetooth du wallet crypto dévoilée" (in fr). 7 January 2019. https://www.presse-citron.net/ces-2019-ledger-devoile-nano-x-wallet-crypto-bluetooth/.
15. ↑ "La sortie du Ledger Nano X retardée en raison d’un problème technique" (in fr). 25 March 2019. https://www.presse-citron.net/sortie-ledger-nano-x-retardee-raison-probleme-technique/.
16. ↑ "Cryptomonnaies : le plan de Ledger pour se relancer" (in fr). 12 June 2019. https://business.lesechos.fr/entrepreneurs/actu/0601361680765-cryptomonnaies-le-plan-de-ledger-pour-se-relancer-329832.php.
17. ↑ "Cryptomonnaies : comment Ledger vise le rebond en 2020" (in fr). 17 April 2019. https://www.latribune.fr/entreprises-finance/cryptomonnaies-comment-ledger-vise-le-rebond-en-2020-814408.html.
18. ↑ "CRYPTOMONNAIES : SAMSUNG INVESTIT DANS LA PÉPITE FRANÇAISE LEDGER" (in fr). 24 April 2019. https://www.capital.fr/entreprises-marches/cryptomonnaies-samsung-investit-dans-la-pepite-francaise-ledger-1336185.
19. ↑ "BRUNO LE MAIRE : “LE DÉVELOPPEMENT DE L’ÉCOSYSTÈME BLOCKCHAIN EST UNE PRIORITÉ POUR LE GOUVERNEMENT”" (in fr). 15 April 2019. https://www.capital.fr/economie-politique/bruno-le-maire-le-developpement-de-lecosysteme-blockchain-est-une-priorite-pour-le-gouvernement-1335182.
20. ↑ "Ledger : Forte augmentation des ventes depuis le piratage de Binance" (in fr). May 2019. https://coin24.fr/actualites/ledger-forte-augmentation-des-ventes-depuis-le-piratage-de-binance/.
21. ↑ "Crypto.com Integrates Ledger Vault Technology for Institutional Grade Custody Solution" (in en). 15 May 2019. https://www.prnewswire.com/news-releases/cryptocom-integrates-ledger-vault-technology-for-institutional-grade-custody-solution-300851376.html.
22. ↑ "With Latest Partnership, Ledger Vault Offers a Fix to Crypto’s Custody Problem" (in en). 11 April 2019. https://bitcoinmagazine.com/articles/with-latest-partnership-ledger-vault-offers-a-fix-to-cryptos-custody-problem.
23. ↑ "Payments Startup Uphold to Use Ledger Vault" (in en). 14 May 2019. https://cointelegraph.com/news/payments-startup-uphold-to-use-ledger-vault.
24. ↑ "Cryptomonnaie : Samsung investit dans la pépite française Ledger" (in fr). 25 April 2019. https://www.latribune.fr/technos-medias/innovation-et-start-up/cryptomonnaie-samsung-investit-dans-la-pepite-francaise-ledger-815222.html.
25. ↑ "Hardware Wallet Ledger Opens New York Office to Develop Institutional Custody Offering" (in en). 26 November 2018. https://cointelegraph.com/news/hardware-wallet-ledger-opens-new-york-office-to-develop-institutional-custody-offering.
26. ↑ "Cryptomonnaies : le français Ledger part à la conquête de l'Asie" (in fr). 31 October 2018. https://www.lesechos.fr/finance-marches/banque-assurances/cryptomonnaies-le-francais-ledger-part-a-la-conquete-de-lasie-144243.
27. ↑ "Engie et Ledger inventent un boîtier pour automatiser la collecte de données" (in fr). 9 November 2018. https://www.usine-digitale.fr/article/blockchain-engie-et-ledger-inventent-un-boitier-pour-authentifier-les-donnees-en-entree.N767439.
28. ↑ "Eric Larchevêque : « Ledger doit devenir un géant mondial »" (in fr). 18 January 2019. https://www.entreprendre.fr/eric-larcheveque-ledger-doit-devenir-un-geant-mondial-blockchain/.
29. ↑ "Ledger, start-up de l'année en IDF, sécurise la cryptomonnaie" (in fr). Les Echos. 13 September 2018. https://business.lesechos.fr/entrepreneurs/actu/0302240115091-ledger-securise-la-cryptomonnaie-323262.php.
30. ↑ "Ledger, la vraie star française du CES 2019" (in fr). Les Echos. 14 January 2019. https://business.lesechos.fr/entrepreneurs/actu/0600498479328-ledger-la-vraie-star-francaise-du-ces-2019-326195.php.

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