Ledger

What Ledger does

Ledger SAS, founded in 2014 in Paris, designs and sells EAL6+ certified hardware wallets and a companion software stack for cryptocurrency self-custody. The company's product portfolio spans four hardware signer tiers — Ledger Stax ($399) and Ledger Flex ($249) with secure E-Ink touchscreens, Ledger Nano Gen5 as an entry-level device, and the Ledger Nano Classics line — all anchored on a proprietary Secure Element chip and the Ledger OS. The Ledger Wallet 4.0 application extends the hardware into a software platform supporting 15,000+ tokens across 100+ chains, with 50+ integrated service providers for buying, swapping, staking, and spending crypto. Ledger Donjon, an in-house white-hat security research team of 200-250 engineers, conducts offensive security research and responsible disclosures that reinforce the firm's security reputation.

The business model is anchored on one-time hardware sales distributed primarily through shop.ledger.com (with Global-e handling international commerce), Best Buy store pickup, and reseller/affiliate channels, with incremental revenue from enterprise B2B (Ledger Enterprise, HSM On-Premise, tokenization) and a crypto debit card. Ledger is expanding upmarket into institutional custody — banks, asset managers, custodians, stablecoin issuers, and sovereign funds — via the new Ledger Enterprise platform and a FIPS 140-2 Level 3 on-premises HSM. Geographic expansion is accelerating, with a permanent New York office opened in March 2026 to capture US institutional demand, supported by a CFO hire from Circle and a record 2025 revenue result. The company has explored a US IPO at an implied ~$4 billion valuation but paused the process amid unfavorable crypto market conditions, while completing a $50M secondary share sale to provide early-investor liquidity.

Name

Ledger

Legal name

Ledger SAS

Website

https://ledger.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Ledger SAS, founded in 2014 in Paris, designs EAL6+ certified hardware wallets and the Ledger Wallet companion app for cryptocurrency self-custody, serving more than 8 million retail users and expanding into banks, custodians, and stablecoin issuers through its Ledger Enterprise platform.

Ownership category

akta.pro rank

Product category

Cryptocurrency Hardware Wallets

akta.pro primary industry

Self-Custody Wallets (Consumer & Institutional) (FSADACAE)

akta.pro secondary industries

Stored Value Ledger / Wallet Infrastructure (Non-Bank) (FSAMANAM), Tokenization Platforms (RWA, Securities, Funds) (FSAGAMAA), Digital Wallets & Account Aggregation Hub (Multi-account, Stored Value) (FSAGAAAD)

Keywords

• Hardware wallet
• Cryptocurrency custody
• Digital asset security
• Crypto self-custody
• Blockchain security

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Supply Chain, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Hardware Wallet Sales: One-time hardware device sales including Ledger Stax, Ledger Flex, Ledger Nano Gen5, and Nano Classics. Devices are sold directly through e-commerce and retail channels.
2. Ledger Wallet App Services: Crypto transaction services through Ledger Wallet app including buying, swapping, staking, and spending crypto through integrated third-party providers.
3. Ledger Enterprise Solutions: B2B institutional offerings including Ledger Enterprise HSM On-Premise for organizations requiring full control over cryptographic keys within their own data centers, and tokenized investment strategies for fractionalized asset access.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

Ledger develops and sells hardware wallets (signers) and companion software for cryptocurrency self-custody, transactions, and digital asset management. Its product portfolio includes Ledger Stax, Ledger Flex, Ledger Nano Gen5, and Ledger Nano Classics hardware signers, all built on EAL6+ certified Secure Element chips, paired with the Ledger Wallet 4.0 app supporting 15,000+ cryptocurrencies. The company also offers Ledger Enterprise for institutional custody, plus add-on services like Recovery Solutions, Multisig, the CL Card, and Security Key.

Product overview

Ledger is a French digital asset security company offering a unified platform combining hardware signers (physical devices), companion software (Ledger Wallet), and enterprise infrastructure (Ledger Enterprise). The hardware signer portfolio spans four generations: Ledger Stax (premium curved E-Ink touchscreen, $399) and Ledger Flex (standard flat E-Ink touchscreen, $249) as next-generation secure touchscreen signers; Ledger Nano Gen5 (compact entry-level) and Ledger Nano Classics (backup signers) as established models. All hardware signers use EAL6+ certified Secure Element chips. The Ledger Wallet 4.0 app serves as the unified crypto management layer, enabling buying, swapping, staking, and spending across 15,000+ tokens on 100+ chains via 50+ integrated service providers. Surrounding the core offering are add-on modules: Ledger Recovery Solutions (custodial seed backup), Ledger Multisig (multi-party custody), Ledger CL Card (crypto spending), and Ledger Security Key (passkey/2FA app). Ledger Enterprise provides B2B institutional custody, governance, and HSM On-Premise solutions. Emerging products include Ledger Velora (DeFi liquidity aggregator) and the Clear Signing security framework with proxy contract detection. The ecosystem is supported by Ledger Academy (education), Ledger Quest (gamification), and Ledger Donjon (white-hat security research). Ledger reportedly secures over 20% of global cryptocurrencies and 30%+ of NFTs, with 8+ million signers sold and zero device hacks recorded.

Differentiator

Problem solved

Functional benefit

Brands

• Ledger Stax: Premium hardware signer with the world's first curved E Ink touchscreen, designed by Tony Fadell. Features a 3.7-inch curved screen, Bluetooth, NFC, and wireless Qi charging.
• Ledger Flex
• Ledger Nano Gen5
• Ledger Nano Classics
• Ledger Enterprise
• Ledger Academy
• Ledger Quest
• Ledger Multisig
• Ledger Card

Products and services

• Ledger Stax A premium hardware signer with a 3.7" curved E-Ink touchscreen driven directly by a Secure Element chip. Features Bluetooth, NFC, and wireless Qi charging, with personalizable lock screens showing any image or NFT and embedded magnets for stacking multiple devices. Retails at $399. Designed for individual crypto holders seeking a flagship secure self-custody device.
• Ledger Flex Ledger's 'new standard' secure touchscreen signer with a 2.8" flat E-Ink touchscreen driven by a Secure Element chip. Features Bluetooth and NFC connectivity, customizable lock screens, and compatibility with the Ledger Security Key app for passkey login and 2FA. Retails at $249. Designed for individual crypto holders seeking a mid-tier secure self-custody device.
• Ledger Nano Gen5 The latest generation of Ledger's compact hardware signer featuring a 2.8" lightweight screen. Available in new colors, it provides secure key storage with an EAL6+ certified Secure Element chip and serves as an accessible entry point into the Ledger signer ecosystem. Designed for individual crypto holders seeking compact secure self-custody.
• Ledger Nano Classics Ledger's reliable backup signer line (Nano X and Nano S Plus) with a 1.1" screen for users seeking dependable cold storage at a lower price point, supporting secure storage and signing for a wide range of cryptocurrencies. Designed for individual crypto holders seeking budget backup signers.
• Ledger Wallet Ledger's flagship crypto management companion application (formerly Ledger Live), enabling users to buy, swap, stake, and spend crypto across 15,000+ tokens and 100+ chains. Integrates 50+ service providers including Jupiter, OKX DEX, Uniswap, 1inch, MoonPay, and Revolut, with Clear Signing for on-device transaction verification and a gas-sponsoring feature via BlinkLabs. Available on iOS, Android, Windows, macOS, and Linux.
• Ledger Recovery Solutions A paid optional service that backs up user seed phrases by fragmenting and distributing them to institutional custodians (including Ledger Recover and third-party solutions like Cypherock X1), reducing the burden of physical seed phrase storage. Designed for individual crypto holders seeking backup for their seed phrases.
• Ledger Multisig An institutional-grade multi-signature custody solution for organizations and groups requiring multiple approvals to move funds. Designed for teams and entities managing large crypto holdings.
• Ledger CL Card A crypto debit card enabling users to spend crypto or use it as collateral, with features including direct paycheck deposits, ATM withdrawals, cashback in BTC or stablecoins, and global card acceptance at 90M+ merchants. Designed for individual crypto holders who want to spend their digital assets.
• Ledger Enterprise An all-in-one digital asset platform for institutional clients (banks, asset managers, custodians, stablecoin issuers, and sovereign funds), offering custody, governance, and tokenization services. Targets U.S. financial institutions as Ledger's primary B2B growth vector.
• Ledger Enterprise HSM On-Premise An on-premises hardware security module model for institutional custody, allowing clients to keep cryptographic keys entirely within their own FIPS 140-2 Level 3 certified data centers while Ledger manages governance and orchestration from France. Designed for banks, sovereign funds, and central banks with strict data residency requirements.

Quantifiable outcome

• 20%+ of world's cryptocurrencies secured
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration16 records

AI capability3 records

Feature5 records

Partnerships

Eleven partnerships are on record, tiered flagship, core and minor.

• Sui Foundation (Hashi)flagshipStrategic or Co-development Partner · 19 March 2026Hashi is a Bitcoin finance primitive on Sui blockchain enabling native BTC collateral in DeFi protocols. Ledger committed as institutional partner alongside BitGo, Cumberland, Fluid, FalconX, Bullish, and SwissBorg to support BTC-backed lending and yield generation.
• MoonPaycoreTechnology or Integration · 13 March 2026MoonPay integrated Ledger hardware wallet signing into its MoonPay Agents platform, enabling AI agents to execute trades across Ethereum, Solana, and other major chains while keeping private keys on the Ledger device. Users can verify and sign every AI-initiated transaction on their Ledger hardware device.
• BabyloncoreStrategic or Co-development PartnerPartnership focused on enhancing secure use of Bitcoin as collateral within DeFi. Collaboration aims to improve security and confidence in digital asset collateralization for Bitcoin holders using Ledger hardware.
• Jupiter DEXcoreTechnology or IntegrationJupiter decentralized exchange aggregator integrated into Ledger Wallet app for cross-chain swaps across Ethereum, Polygon, Base, and BNB Chain while private keys remain offline on Ledger device.
• OKX DEXcoreTechnology or IntegrationOKX DEX integrated into Ledger hardware wallet app enabling cross-chain swaps across Ethereum, Polygon, Base, and BNB Chain while maintaining self-custody of private keys on hardware device.
• UniswapcoreTechnology or IntegrationDecentralized exchange integrated into Ledger Wallet app for token swaps accessible through hardware wallet verification.
• 1inchcoreTechnology or IntegrationDEX aggregator integrated into Ledger Wallet app enabling price comparison and optimal swap routing across multiple decentralized exchanges.
• NEAR ProtocolcoreTechnology or IntegrationNEAR Intents integration enables users to scan decentralized exchanges across 20+ blockchain networks and discover yield opportunities through Ledger Wallet app.
• Global-ecoreChannel Partner/ Reseller/ DistributorSales facilitation partner operating Ledger's e-commerce website, handling international transactions, local currency conversion, VAT/tax compliance, and shipping logistics for customers worldwide.
• TrezorminorStrategic or Co-development PartnerDespite being competitors, Ledger's Donjon security team disclosed a vulnerability found in Trezor Safe 7's TROPIC01 chip, demonstrating industry cooperation on security research.
• Bitget WalletcoreTechnology or IntegrationLedger integrated XRP Ledger with Bitget Wallet, enabling users globally to send, receive, and swap XRP with fiat on/off ramps and potential card spending.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Fireblocks: Institutional custody, settlement, and tokenization platform targeting banks, exchanges, and fintechs. Competes with Ledger Enterprise on enterprise-grade digital asset security and staking infrastructure, including tokenization workflows relevant to Ledger's enterprise roadmap.
• Anchorage Digital: Federally chartered crypto custodian serving institutional clients with custody, staking, and settlement. Competes with Ledger Enterprise for bank and stablecoin issuer custody mandates, especially in the US market where Ledger is now expanding.
• BitBox (Shift Crypto): Swiss-made hardware wallet (BitBox02) with dual-chip secure element design, emphasizing open-source firmware and strong privacy. Targets the same security-focused self-custody buyer as Ledger, particularly in Europe.
• Cypherock: Hardware wallet with a Shamir-style distributed key custody model (X1 vault), positioning as a non-custodial alternative to Ledger Recover. Competes on the recovery and self-sovereign key management dimension of Ledger's offering.
• Ngrave: Belgian hardware wallet maker offering EAL6+ certified secure element devices (Zero, Graphene) with air-gapped signing. Closest direct hardware security peer to Ledger in certification level and target buyer (high-net-worth self-custody users).
• Tangem: Card-form-factor hardware wallet with secure element chips, supporting thousands of tokens and a mobile-first UX. Competes with Ledger in the consumer self-custody category at lower price points and broader retail accessibility.
• BitGo: Institutional digital asset custody and wallet infrastructure provider serving banks, asset managers, and exchanges. Directly competes with Ledger Enterprise for institutional crypto custody mandates and supports many of the same institutional partners as Ledger (e.g., Hashi/Sui).
• Trezor (SatoshiLabs): The most direct competitor in self-custody hardware wallets; offers open-source Trezor Safe devices with comparable multi-chain support and competing recovery/shamir backup models. Competes head-to-head with Ledger across consumer security-focused crypto holders.

Emerging players

• Safe (formerly Gnosis Safe): Leading smart contract multisig wallet for DAOs, treasuries, and high-value individuals, widely integrated with Ledger as a signing device. Competes partially with Ledger Multisig for institutional and team custody use cases.

Broad incumbents

• Coinbase: Largest US crypto exchange with a bundled self-custody wallet (Coinbase Wallet) and institutional Coinbase Custody service. Overlaps with Ledger across consumer wallets, institutional custody, and the same strategic partners (e.g., Circle), but operates a much broader retail/exchange franchise.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/Ledger
• GitHubgithub.com/LedgerHQ
• YouTubeyoutube.com/Ledger
• Facebookfacebook.com/Ledger
• LinkedInlinkedin.com/company/ledgerhq
• Instagraminstagram.com/ledger
• TikToktiktok.com/@ledger

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds9 records

Investors57 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ledger