Institution-focused cryptocurrency custody provider Ledger Enterprise Solutions (formerly known as LedgerVault) is opening offices in Switzerland and the U.K.
Paris-headquartered Ledger, the firm behind the popular Nano storage device for retail crypto users, is opening offices in Zurich, Geneva and London. The new offices will complement Ledger’s presence in New York and Singapore.
Switzerland, with its history of safekeeping assets plus its relative clarity on cryptocurrency regulation, is an important place for crypto custodians to have a base; just last month, crypto custody firm Fireblocks opened a Swiss office.
“If you think about the technology companies that are offering custody technology, most of LedgerVault’s competitors are in Switzerland,” said Ledger CEO Pascal Gauthier in an interview. “If you look at Swiss banks, they understand custody and cybersecurity better than your average financial institution, and Switzerland is very advanced compared to other places.”
Ledger Enterprise Solutions also announced Frank Harzheim as leading new business efforts in Switzerland.
Ledger is also a partner in Komainu, the institutional crypto custody consortium, along with Japanese bank Nomura and digital asset trading firm CoinShares. Komainu and Ledger Enterprise Solutions are actually focused on two quite different use cases, Gauthier pointed out.
“If a bank comes to LedgerVault, it’s because they have decided to do custody themselves and it becomes an on-balance sheet thing for them,” said Gauthier. “So on the one side, you do the custody yourself; on the other side, you delegate custody to Komianu.”