Ledger CEO: don’t trust anyone with your bitcoins

In addition to a record number of hacks, the past few months have also been dominated by counterparty risk. Because the crypto market has fallen sharply, many crypto companies have run into financial problems. That resulted in cryptocurrencies being confiscated on some platforms. After all, that helped prevent these parties from going bankrupt. According to the CEO of hardware wallet maker Ledger, it is better not to entrust your coins to any third party.

Third parties are a risk

Ledger CEO Paul Gauthier spoke to Cointelegraph at this year’s Surfin’ Bitcoin conference. The issues with third parties, he said, have taught crypto investors that they should not rely on third parties to hold their tokens. As an investor, you do not know what these companies are doing with this.

The past few months have shown that more than ever in the history of the crypto industry. Despite blockchain technology, it was not always clear what the state of affairs was at a large number of companies used to be. For example, the crash of Terra (LUNA) and the surrounding ecosystem turned out to be a kind of ‘inside job’.

Crypto hedge fund Three Arrows Capital managed to borrow a dangerously large amount of money because it had a good reputation. The same was actually true for the crypto bank Celsius, which is now in financial difficulties. If your account is hacked on a DeFi platform, this is actually also a form of counterparty risk.

Hardware crypto wallets are more responsible

Gauthier emphasizes that with a hardware wallet you do not have these problems, because you are then responsible for your own private keys. He agrees that Ledger has indeed benefited from all the chaos because more people found it necessary to purchase a hardware wallet from the brand:

Many people are still in the Web 2 world because they want to stay in the ‘Matrix’ where they have no control over what they do. [Daar] just click ‘yes’ and someone else will solve your problems for you. That’s not how you earn freedom. You have to take responsibility for that.

He emphasizes that crypto can be more than just a way to make money. You can also gain financial freedom and regain control of your assets. It spends a lot of money educating lawmakers so that technology can be better used to give people more freedom.

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