Interest in cold storage wallets will increase, says Ledger’s CEO

Interest in cold storage wallets will increase following the crash of the FTX cryptocurrency exchange a few days ago.

Pascal Gauthier, CEO of cold wallet maker Ledger, told CoinDesk TV in a recent interview that he believes interest in cold storage wallets will increase.

When asked about the collapse of the FTX crypto exchange, Gauthier said it is an amazing story. However, it is similar to a bank failing or a cryptocurrency exchange collapsing.

He added that FTX’s collapse has an effect on the crypto market. However, Bitcoin has maintained its value above $16k despite the negative discussions in the cryptocurrency space at the moment. 

When asked about the activities surrounding Ledger at the moment, Gauthier said;

“The activities surrounding Ledger are currently huge. Last week was actually the best week in the history of Ledger. Every day is a new record for Ledger. But what we offer is more than cold storage. However, Ledger has evolved and now offers connectivity to its users. Ledger is where you can keep your private keys, but you can also connect to platforms where you can buy Bitcoin and other cryptocurrencies. You don’t have to keep your money in an exchange anymore. You can store your coins on Ledger and, from the comfort of your wallet, decide on how you can connect with other platforms.”

He pointed out that FTX’s problem is one of governance. According to the Ledger CEO, his company is working hard to convince many financial institutions to include extra security when it comes to governance. 

When asked about the effect of FTX’s collapse on the broader crypto market, Gauthier said some companies would hurt. He stated that;

“Some big companies, including the likes of BlockFi, will be hurt and possibly file for bankruptcy. In general, it is a big reset towards what crypto is.”

Despite the effect, Gauthier believes that the use cases of cryptocurrencies and blockchain technology will continue to grow.