Don’t trust your coins to anyone, warns Ledger CEO

Don’t trust your coins to anyone, warns Ledger CEO

Don’t trust your coins to anyone, warns Ledger CEO

The rise of decentralized services and hardware security wallets means we no longer need to rely on intermediaries to manage our financial assets and data, according to Ledger hardware wallet CEO Pascal Gauthier, who urged people to take on more responsibilities.

Speaking to Cointelegraph during Surfin’ Bitcoin 2022 on Aug. 25, Gauthier said the recent collapse of centralized exchanges showed why investors shouldn’t rely on intermediaries to manage their digital assets.

Although most of the actors mean well, Gauthier said that “the [crypto] the industry is too young’, the current state of the economy is ‘stressed’ and if necessary intermediaries will continue to block investors from accessing their holdings when needed, citing Celsius, today bankrupt, as a classic example:

“Don’t give your coins and private keys to anyone because you don’t know what they’ll do with them.”

Gauthier admitted that the bad news added “fuel to [their] company,” but reinforced that people need to “move their pieces before it’s too late.” Although Gauthier sadly noted that people in crypto often need to “burn themselves out a bit” before learning the hard way.

But Gauthier also believes that the transition from Web2 to Web3 takes time because today’s Internet users are content with the speed and efficiency of Web2 services:

“A lot of people are still in Web2 […] because they want to stay in the matrix where they are controlled because it’s easier is that you know, just click yes yes yes and then someone else will take care of your problems. It’s alright but actually I don’t think it’s like that [become] free […] taking responsibility is how you become free.

Gauthier added that most people in today’s society view crypto as another way to make easy money. However, they fail to understand that it can “give them control of their assets” and provide them with “financial freedom”.

Related: Ledger reportedly seeking $100 million in additional funding

Ledger was founded in 2014 and is a leader in security hardware wallet infrastructure through the use of their “integrated secure element and proprietary operating system,” which is designed to protect digital assets. As of June 2021, Ledger has sold over 3 million hardware wallets.

In addition to Ledger’s security products, Gauthier said the company has also taken an educational approach to help ordinary people understand what Web3 is trying to do:

“We spend a lot […] of our money […] on building content and education [to try] educate people, legislators, regulators […] for people to understand what it all means, why it’s an opportunity, why freedom is in question today […] in the current society [and] Why [this] technology must evolve to […] to make people freer than they are today.

Going forward, Gauthier said he’s excited to see how blockchain technology plays out and what crypto applications will bring mass adoption. Taking a 20-year horizon, Gauthier added that “what we’re going to see in 20 years are things that we can’t really imagine yet.”