Physical wallet vendor Ledger has benefited from the crypto market’s bull run. Its sales were up 500% in the first quarter.
Indicators are back in the green for the French hardware wallet maker. Ledger does not suffer from the data leak of one million customers in December 2020. Consumers are keeping their trust in it.
Like other crypto players, Ledger is therefore benefiting in the first quarter from the explosion of the cryptocurrency market. Over the period, the wallet manufacturer recorded an increase of over 500% in sales.
This performance allowed the company to be profitable in the first three months of 2021. However, Ledger did not specify the exact amount of its sales, nor its profits in the first quarter.
As a reminder, Ledger specializes in the production of physical and secure wallets. It markets popular models like the Ledger Nano S and Nano X. These terminals allow crypto holders to hold their assets directly rather than with exchanges.
“The whole sector is in hypergrowth, and we are proud to be part of it,” says its CEO, Pascal Gauthier. The executive highlights the “talented and hard-working team” that makes up the startup.
“We are selling more Nanos than we are building every week in 2021 (sorry for the delays, we are building Nanos as fast as we can!). Our customers are asking us to take on more blockchain, parts, and services, and that means we have to hire to keep up,” Pascal Gauthier writes further.
The historic crack in the cryptocurrency market could affect Ledger’s enthusiasm and growth prospects, however. It’s still too early to tell. The company is currently welcoming two new executives, from eToro and Opera.
In addition, more than 150 job offers are currently available at the French startup. The company is taking advantage of other dynamics in the digital assets market. It recently created a position of vice president in charge of non-fungible tokens, the NFT.
But several companies exposed to the crypto have been battered on the stock market in recent days. This is the case of the exchange Coinbase, or MicroStrategy or Square, holders of BTC in their balance sheet.