Pascal Gauthier, Ledger’s CEO, Discusses Self-Custody Outpacing Custodial Solutions, Marking a Historic Claim to Private Ownership | Episode 375

Cryptonews Podcast host Matt Zahab engaged in an extensive, exclusive discussion with Pascal Gauthier, the Chairman and CEO of the French startup Ledger, the technology firm known for its hardware crypto wallets of the same name.

Gauthier elaborated on the indicators of crypto advancement in light of the Stax and Flex launch.

He addressed the evolution of self-custody to match the best user experience (UX) and user interface (UI) available, asserting the historic claim of private property online, and the reasons customers should consider upgrading to Flex and Stax.

Evidence of Crypto Advancement

Earlier this year, Ledger unveiled its touchscreen hardware wallets, Ledger Stax and Ledger Flex.

“We aim to transform the approach to self-custody,” Gauthier shared with Matt.

Self-custody is often cited as a major challenge due to its complexity.

Consequently, the CEO noted that Ledger prioritized enhancing the user experience (UX) and user interface (UI) for its earlier products – Nano S Plus and Nano X – and then “intensified efforts” for the new models.

Introducing Ledger Flex.
Ledger Flex sets a new benchmark for Ledger devices, featuring a secure E Ink touchscreen, NFC, and our new Security Key app that will transition you from cumbersome logins to passwordless convenience, all from your secure Ledger device.
Shipping NOW at:… pic.twitter.com/6zCDanmUtB

— Ledger (@Ledger) July 26, 2024

The design team created the products with a larger display for two interconnected primary reasons.

The first is straightforward: customer demand.

Significantly, larger screens are necessary as users are now executing larger transactions. This serves as the second reason.

Gauthier asserted that this reflects the direction of the market.

“Hardware devices evolve as a reflection of the evolution of crypto itself,” he noted.

In this context, he recalled that the wallet initially supported BTC and ETH, gradually expanding to encompass thousands of coins.

Beyond the sheer volume of coins, there are also new, intricate types of transactions, with “DeFi on top of everything.”

Thus, the security aspect must also be considered and strengthened with each layer.

Ledger Flex and Ledger Stax signify our new category of secure touchscreens following the Ledger Nano Series. Here’s the story behind this remarkable innovation. https://t.co/wF6HZbZFxT

— Pascal Gauthier @Ledger (@_pgauthier) July 26, 2024

In addition to launching two wallets, the company also introduced Clear Signing. This feature guarantees that “what you see is what you sign.”

Ledger initiated the Clear Signing initiative, inviting Ethereum and other blockchains, along with dapps and wallets, to adopt the protocol.

“Now you will be able to sign everything with your Ledger Stax and Ledger Flex and see precisely what you are signing on your secure screen,” Gauthier stated.

You might also like Ledger Starts Shipping its New Ledger Stax Hardware Wallet After 18 Months

Self-Custody is Advancing to Match the Best UX and UI Available

When comparing custody to self-custody, Gauthier contended that self-custody is, in fact, the simpler option.

Custody involves various factors that render “the experience extremely painful.” It is slow, necessitates KYC, is not always accessible 24/7, and more.

As a result, “self-custody is rapidly catching up to even the simplest custody interfaces,” the CEO remarked. “Soon, there will be no distinction between the UX and UI of self-custody and custody.”

The only difference that will persist is the advantages offered by the self-custody option.

Bitcoin was founded on the principle of returning control to the people – allowing everyone to manage their own assets.
However, not all solutions for storing crypto provide genuine self-custody.
Let’s explore what self-custody in crypto entails here: https://t.co/PYLUpdBUwV pic.twitter.com/QiJSjOn7Hv

— Ledger (@Ledger) October 3, 2024

Moreover, the Ledger wallet connects directly to all blockchains and transactions without an intermediary between the user and the blockchains.

“You connect directly. This is the true future,” Gauthier stated.

You might also like Ian Rogers, CXO at Ledger, on Self-Custody, The Future of Hardware Wallets, and The Launch of Ledger Stax | Ep. 328

History First: Claiming Private Property Online

According to the CEO, the end of 2024 and the start of 2025 will witness substantial market growth.

Certain developments played a crucial role, such as BlackRock entering the space. That was “an earthquake,” Gauthier remarked.

This altered perceptions, as the question has shifted from ‘Are you going to invest in BTC?’ to ‘when will you?’

Thus, traditional finance professionals must recognize that entering crypto entails a fundamental shift in security.

The security framework needed a complete overhaul – deconstructed from the ground up.

“We had to reinvent security to safeguard secrets,” Gauthier explained. Bitcoin operates on a blockchain that necessitates a private key – and those are secrets.

With this approach, you begin with the most challenging aspects to secure. Everything else becomes simpler to protect.

There’s a new protocol from Ledger that provides you with greater control over your data. Read the White Paper below.
Last week @Ledger announced Ledger Key Ring Protocol, which enables users to utilize Ledger devices for encrypted key management. This has numerous potential applications, but for me the…

— ian c rogers (@iancr) September 30, 2024

This is why Ledger introduced Flex and Stax with the passkey feature, which also allows for passkey storage.

The CEO emphasized this is significant. It is essential to remember that when individuals store their passkeys and data in Google and Apple accounts, these are not genuinely their accounts.

They are merely granted access rights by the actual owners – Google and Apple.

Consequently, “the major news is that you can now claim private property online, which has never existed before,” Gauthier stated. “And you have the means to do it. Ledger.”

This implies that users can possess their passkeys as their digital property. Only they can hold them.

“Then you can choose to access the website in a straightforward manner using Flex and Stax on your phone. It’s a remarkable experience.”

You might also like Ledger Stax vs. Ledger Flex: Detailed Comparison (October 2024)

‘A Happy Company’

Gauthier expressed regret for the extended wait for the new products. However, he noted that they ultimately arrived at an opportune moment.

The market had been sluggish over the past two years. But now that the market is gaining momentum, “you will require these screens more than ever.”

The company has fulfilled all pre-orders, and customers can now purchase Stax and Flex through the website.

Your digital assets deserve the best.
Get your Ledger Stax now and experience the perfect blend of security, style, and innovation.
Don’t wait—secure your assets today: https://t.co/urg6vTVhAx https://t.co/aBz4Mn0hGj

— Ledger (@Ledger) October 4, 2024

These wallets are designed for the next generation of users, according to the CEO.

Some from the older generation prefer to manage their own security, but “very few individuals globally can do that. [That’s] not very scalable.”

The wallets serve as a solution for everyone else.

Current customers “should upgrade to a Stax and Flex, as they offer significantly improved UX/UI,” Gauthier stated, while advising them to retain their S Plus and X as reliable backups.

Notably, he mentioned that even though Flex is more expensive than X, the team is selling “ten Flex for every two X” when users can physically see and interact with them.

“We are now going to showcase the product in person to our users so they can feel and see the difference,” Gauthier remarked.

Regardless of market conditions, he added, at Ledger, “we control our destiny. We have our new products. We’re shipping them, and we are a happy company.”

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That’s not all.

In this interview, Gauthier also covered:

• Nano S Plus and Nano X in comparison with Stax and Flex;
• launching not just one product but ‘a tree that hides the forest’;
• Ledger securing $100 million in 2023 to continue investing in products, R&D, and services;
• Ledger’s expansion during its tenth anniversary;
• a significant shift in the tech industry: product first, technology second;
• self-custody, security, and the right to economic freedom;
• the relationship between AI and blockchain—why proof-of-you is essential;
• the future of hardware.

You can watch the complete podcast episode here.

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About Pascal Gauthier

Pascal Gauthier serves as the Chairman and CEO of the French startup Ledger, the technology company that produces the eponymous hardware crypto wallets.

Since assuming these roles in 2019, Gauthier has broadened the company’s product offerings with Ledger Live, an intuitive digital asset management application, and Ledger Stax, a next-generation consumer device.

He also established Ledger Enterprise, the company’s B2B product that enables businesses to secure their digital assets at scale. Gauthier began his career at Kelkoo, which was later acquired by Yahoo, and served as COO at Criteo.

He has also worked as a Venture Partner at the London-based VC firm Mosaic Ventures and is the non-executive chairman at the digital data analytics provider Kaiko.

The post Pascal Gauthier, CEO of Ledger, on Self-Custody Surpassing Custody, Claiming Private Property for First Time Ever | Ep. 375 appeared first on Cryptonews.