Stablecoins have increasingly been getting popularity lately. To capitalize on this phenomenon hardware crypto wallet maker Ledger is expanding its support to for more stablecoins. Stablecoins are especially popular in the Asia Pacific region and Ledger is making moves to catch up with the demand.
As of now. The firm supports a couple of handheld storage products, namely, Ledger Nano and Ledger Blue. However, they now intend to increase Tether’s usability across all their products and services.
Ledger provides hardware solutions to its users to store crypto in a safe and easy-to-use way. Their vault provides the IT infrastructure for firms to manage their cryptos that allow custodians, asset managers, and conventional financial services entities to store and trade their virtual currencies. The company’s Ledger Nano S is the best selling crypto hardware wallet across the globe. Nano S singles out private keys from the user’s computer and smartphone to reduce the vulnerabilities of hacking and theft.
It is to be noted that USDT is currently going through a massive turmoil which has decoupled it from US Dollar. Critics are voicing their concerns about the stablecoins reserves. However, Ledger’s new Head of Operations for Asia-Pacific region, Benjamin Soong doesn’t feel that this has reduced demand or trust in the stablecoin in the Asia Pacific region.
The fact that even when Tether was experiencing its worst days, USDT proceeded to command the trading pairs on Asian exchanges. It was only the volume in western exchanges that took a hit.
Soong is a new hire for the company who had previously worked for S&P Global Market Intelligence and Deloitte. He can speak Mandarin, Japanese, and Cantonese making him an ideal fit for the region.
Regarding the new recruitment President of Ledger, Pascal Gauthier said:
“We are excited to welcome Benjamin to our team, as will play a vital role in helping us grow and expand our business across the Asia Pacific. 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.”
It is no surprise that Ledger is making a push in the Asian Pacific region. The area accounts for almost a third of the company’s hardware sales.
Soong asserted that traditional asset managers across Asia Pacific region only trust crypto custody solutions when they see the security of that of banks. To meet with this demand, Ledger is planning to enter a partnership with Japanese bank Nomura.