Ledger Nano S Whitepaper Edition via Ledger.com

Pascal Gauthier, president of crypto hardware wallet maker Ledger, recently shared that the company’s sales have not been overly affected by the 2018 bear market.

In a recent interview with Fortune, Gauthier discussed the current state of the market and the recent outcome from the company’s pivotal Black Friday sale, noting that the numbers were surprisingly on par with 2017.

While this may come as a surprise, especially given that most cryptocurrencies are now down more than 80% on the year, Gauthier explained that the steady demand has been driven by institutions entering the space. While Ledger’s main business has historically been retail investors looking for secure storage, the recent influx of companies, investment funds, and law enforcement agencies have led to a new type of custody requirement.

In order to address these needs, Ledger launched the ‘Ledger Vault’, a new multi-authorization cryptocurrency self-custody management solution designed specifically for enterprises.

While Gauthier didn’t provide specifics on business-facing sales, he did stress that the entire industry is quite young and that investors need to be patient with the technology.

More: Crypto Wallet Sales Still Going Strong, Says Ledger President
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.