Crypto Security Company Ledger Opens Branch in Hong Kong

Crypto hardware wallet firm Ledger has announced it is opening a new branch in Hong Kong, according to a press release shared with Cointelegraph Wednesday, Oct. 31.

One of the leading hardware wallet manufacturers with headquarters in Paris and San Francisco, Ledger also reveals that it has assigned Benjamin Soong as head of the Asia Pacific (APAC), responsible for all Ledger operations held in the region. Soong is a former managing director for U.S. financial analytics corporation S&P Global.

Ledger’s president Pascal Gauthier further explained that Soong will help the company monetize its opportunities in APAC:

“He brings a tremendous amount of experience and expertise in the region, which will help Ledger capitalize on future opportunities. APAC is a key market that has seen increased demand. With Benjamin at the helm, we are confident we can deliver top security for both consumers and financial institutions to protect their crypto assets.”

Prior to the recent announcement, Ledger, together with software provider for cryptocurrency Blockchain.com, had revealed it is launching a hardware wallet that is fully compatible with the Blockchain Wallet. According to the release, the companies aim to offer “a convenient alternative” to store crypto offline for 30 million users.

In January, Ledger succeeded in raising $75 million in a Series B funding round led by European venture capital firm Draper Esprit. The amount raised was said to be the largest non-Initial Coin Offering (ICO) round by a cryptocurrency startup, following a $7 million Series A in 2017.

As Cointelegraph wrote in July, Ledger reportedly attracted the interest of tech giants like Samsung, Google's venture arm GV, and Siemens after the company managed to sell more than one million hardware crypto wallets throughout 2017, earning a profit of $29 million.

Recently Hong Kong officials have revealed plans to introduce crypto regulations. In June, Hong Kong’s Securities and Futures Commission (SFC) said that the regulator was keeping “a close watch” on crypto and ICOs, “intervening when appropriate.” Earlier this month, the SFC’s chairman told a local newspaper that the watchdog was planning to establish a legal framework for crypto assets.