Pascal Gauthier, CEO of hardware wallet producer Ledger, appeared on Yahoo Finance to discuss the importance of addressing investor concerns towards security in the industry of crypto.
Gauthier was asked by a show host how Ledger intended to bring “enterprise security” to the crypto marketplace, highlighting that many asset managers are hesitant over the potential for lost funds and missing private keys.
Gauthier explained Ledger’s evolution including the creation of Ledger Vault, which stemmed from investor demand for a more sophisticated product,
So Ledger Vault is the product that we are taking to the market and it brings something very good to the industry. It’s not just security but also governance: how do you touch those coins, like many people at the same time? What are the rules, what are the business rules.
Ledger’s CEO continued,
We believe that this is a very important step for the industry…Security needs to be taken very seriously, much more than it has been in the past. Exchanges are being hacked still every day and every month, that needs to change in the future and we’re here to help.
Gauthier was also asked by a host how Ledger intended to handle custody for client crypto, particularly as more competitors enter the space.
Sure, but custody to me is the same thing as saying security. Where do I put my coins, where can I trust someone with my coins and can they actually secure them?
Despite calling bitcoin a “great technology,” Gauthier says that security is still a top concern, as it’s currently the industry’s “main problem.” Per his words bitcoin, cryptocurrencies and blockchain are great technologically, but the “one flaw, one big problem” is the “security of the endpoint.” As he noted, once a user loses his private key, his funds are gone.
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