Ledger

Ledger is a Paris-based company that develops hardware devices ("signers") and software for securing and managing crypto assets. Its consumer product line includes Ledger Stax (3.7-inch curved screen), Ledger Flex (2.8-inch Gorilla Glass screen), the Ledger Nano Gen5 (2.8-inch screen, shipped with a Recovery Key) and the Ledger Nano Classics range (Nano S Plus and Nano X, 1.1-inch screens), sold alongside accessories such as magnet folios, protective cases, pods, OTG kits, the Ledger Recovery Key and third-party metal seed backups. Devices are paired with the Ledger Wallet app (formerly Ledger Live), available on Windows, macOS, Linux, iOS and Android, which supports 15,000+ crypto assets and provides cross-address balances and transaction history, real-time P&L insights, market alerts, price comparison across 50+ service providers and 100+ chains, cross-chain swaps, staking of ETH, SOL and stablecoins, an Earn Simulator, a Cash-to-Stablecoin option provided by Noah, and the optional Ledger Recover subscription service.

The devices are built around a Secure Element chip combined with Ledger's proprietary operating system, keeping private keys offline while users verify and approve transaction details on the device. The app can also connect directly to dApps without browser extensions or middleware. Ledger additionally markets a crypto payment card (CL Card) that converts crypto to local currency at ATMs and at online and in-store checkouts, paying cashback rewards in BTC or stablecoins.

Beyond consumers, Ledger offers Ledger Enterprise, described as customizable infrastructure for safeguarding crypto assets for banks, hedge funds and high-net-worth individuals, and works with companies in other industries on blockchain use cases.

Founding story

The company was founded in 2014 by eight people with complementary expertise in embedded security, cryptocurrency and entrepreneurship, with the stated aim of building secure solutions for blockchain applications at an early stage of the market.

Business model

Ledger sells hardware wallet devices, accessories, limited-edition and co-branded bundles through its own online shop and a reseller network, and distributes a companion software wallet app that integrates third-party providers for buying, swapping, staking, yield and card payments. It also sells enterprise custody infrastructure (Ledger Enterprise) and subscription services such as Ledger Recover.

Revenue comes from sales of hardware signers, accessories, gift cards and bundles; from the Ledger Wallet app's integrated third-party services (buy, swap, staking, stablecoin yield, Cash-to-Stablecoin, crypto card); from the optional Ledger Recover subscription; and from enterprise solutions.

Traction

The company reports over 7 million devices sold, more than 8 million customers, support for 15,000+ crypto assets, integrations with 50+ service providers across 100+ chains, clients in 180 countries and 100+ resellers, and cumulative funding of $463 million raised since 2014.

Latest developments

Recent product activity includes the launch of the Ledger Nano Gen5 in multiple colors with an included Recovery Key, the rebranding of Ledger Live to Ledger Wallet, new app features such as real-time P&L insights, Crowd Favorites, gas-free swaps, Stablecoin Yield, the Earn Simulator, Cash-to-Stablecoin by Noah, direct dApp connectivity, and a cashback crypto card. The company also promotes a migration path for users switching from other hardware wallets and warns customers about phishing attempts seeking their 24-word recovery phrase.