Ledger, one of the world’s biggest makers of hardware devices used to store cryptocurrencies, is expanding into Asia-Pacific, looking to capitalise on strong Chinese demand for cryptocurrencies storage despite a ban on such exchanges in China.
The company’s launch of its Hong Kong-based regional operation comes despite Beijing’s blanket ban in mainland China of cryptocurrency trading and cryptocurrency-based fundraising schemes, known as initial coin offerings.
“For us, it was a no-brainer to be in Asia because a third of our business is there,” said Pascal Gauthier, Ledger’s president. The Paris-based company sells hardware wallets that allow investors to store their cryptocurrency holdings offline to make them more difficult for hackers to steal.