Crypto-related hacks and scams lost over $3 billion in 2024 alone, underscoring the urgent need for secure asset storage. This reality has prompted a growing number of investors to move away from centralized exchanges and toward self-custody solutions like hardware wallets.
A significant incident in July 2024 involving the WazirX crypto exchange underscored the risks of centralized storage. This attack led to $235 million in losses, affecting more than 4 million users in India. Jean-Francois Rochet, executive vice president of consumer services revenue at Ledger, emphasized the importance of self-custody during a recent event. “The Indian market needs to grasp the benefits of crypto self-custody and the critical role of digital security,” Rochet said.
Ledger, a leading provider of hardware wallets, aims to balance usability with robust security, ensuring users can safely manage their digital assets. “Our guiding principle has always been to make security uncompromising yet accessible,” Rochet pointed out.
India as a pivotal marketIndia’s vast pool of tech talent positions it as a key player in the global digital asset ecosystem. Ledger sees this as an opportunity to further self-custody adoption, evolving beyond tech services into advanced blockchain innovation.
Ledger’s flagship Nano series remains a top choice for users seeking secure storage. Meanwhile, the company is introducing advanced touchscreen devices, like Ledger Flex and Ledger Stax, catering to those prioritizing financial freedom and self-sovereignty.
“As this new cycle of crypto adoption unfolds, the demand for self-custody will continue to grow. People are recognizing that digital ownership fosters self-sovereignty and financial independence,” Rochet stated.
Simplifying Self-CustodyTo encourage broader adoption, Ledger has launched initiatives to demystify complex processes. For example, its clear-signing technology helps users verify and understand smart contract data before signing transactions. Rochet believes such intuitive solutions will be pivotal in driving mainstream acceptance of self-custody.
Enterprise SolutionsBeyond individual users, Ledger offers enterprise-level solutions to institutions, banks, and governments. These tools ensure secure governance by preventing any single point of authority from controlling large amounts of digital assets.
As regulatory scrutiny intensifies worldwide, self-custody is emerging as the cornerstone of crypto adoption. It provides unmatched security, privacy, and financial control, aligning with the core principles of blockchain technology.
Rochet concluded by reaffirming Ledger’s commitment to security and innovation. “This has been our guiding principle since day one and will continue to shape our roadmap for the years ahead.”
Self-custody isn’t just a trend; it’s a transformative shift empowering users to reclaim control over their digital assets. As more individuals and institutions embrace this approach, the crypto ecosystem moves closer to its vision of decentralized financial freedom.
