“Can the world's leading crypto hardware-security company become the settlement and custody infrastructure for tokenized capital markets?”
Founded 2014 in Paris as a hardware wallet manufacturer for individual crypto holders, Ledger has evolved into a dual-track business: consumer hardware wallets (Nano, Stax, Flex) plus Ledger Enterprise — a digital-asset custody, staking, and stablecoin settlement platform for 100+ institutions. Rather than issue its own crypto card or become a payments company, Ledger positions itself as an infrastructure and security layer, partnering with third-party card issuers (Baanx, Mercuryo) that integrate into Ledger Live. The 2021 valuation of $1.5B and IPO postponement signal a company still refining its transition from device seller to enterprise infrastructure vendor.