“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.
Ledger's cards run on Mastercard and Visa.
Ledger uses Tessi for KYC and identity verification.
Ledger's lending and capital products are provided by Baanx (CL Card — crypto collateral).
Ledger's crypto products run on Ledger (in-house) and Ledger Enterprise (in-house).
The Embedded Finance Index 2026 maps 4 layers in Ledger's stack: Card network (Mastercard and Visa); Lending (Baanx (CL Card — crypto collateral)); KYC (Tessi); Crypto (Ledger (in-house) and Ledger Enterprise (in-house)).
Ledger is founded in 2014 and headquartered in Paris, France.
Ledger has raised $580M+ in total (latest round: Series C, 2021; valuation: $1.5B (2021)).
Get a read on where your own stack stands against Ledger and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.