Ledger CEO claims security is the biggest issue with cryptocurrencies

Ledger CEO, Pascal Gauthier discussed the significance of addressing investors’ concerns towards security issues.

Talking on Yahoo Finance Gauthier stated that investors are greatly concerned by the security provided by crypto service providers.

Gauthier was asked to elucidate how Ledger would introduce security into the cryptocurrency industry. It was noted that many asset management companies are hesitant to dabble in cryptocurrencies due to risks. Crypto asset management is very risky as funds are easily misplaced and there is a potential for losing private keys.

Gauthier stated that his company would introduce security to the community through Ledger Vault. The company would create the Ledger Vault as a unique product in the market. The product would expose users to a new level of security as well as the governance of funds. The product will enable users to monitor their coins. The product would keep the users in constant connection with their funds.

Gauthier stated that this was a very significant leap for the industry. He believed that security is a subject that needs to be taken much more seriously than it currently. He also highlighted that cryptocurrency exchanges are hacked day in and day out. He stated that needed to be changed and Ledger was “here to help.”

Gauthier was asked about how the company would handle custody of funds. He stated that to him custody was the same as saying security. He then elucidated that choosing a custody service was trusting an entity in securing their funds.

Despite being a great technology cryptocurrencies have one big flaw. If a person loses his private key the funds are gone forever.