Crypto wallet startup Ledger seeks expansion across Asia Pacific, opens office in Hong Kong

Crypto hardware wallet provider Ledger has announced its expansion to Hong Kong and the appointment of Benjamin Soong as the Head of Asia Pacific (APAC).

Soong will bring his extensive experience in sales, business development and operations to Ledger. Most recently, he served as the Managing Director, Head of Asia Pacific Sales at S&P Global Market Intelligence. Earlier in his career, he worked in finance and accounting roles at KPMG and Deloitte.

In his new role, Soong will oversee all of Ledger's APAC operations, as the company expands to meet increasing demand for the Ledger Vault, a multi-authorization cryptocurrency self-custody management solution, and its trademark hardware wallet, the Ledger Nano S.

"We are excited to welcome Benjamin to our team, as he will play a vital role in helping us grow and expand our business across Asia Pacific," said Pascal Gauthier, President of Ledger. "APAC is a key market that has seen increased demand. With Benjamin at the helm, we are confident we can deliver top security for both consumers and financial institutions to protect their crypto assets."

Earlier this year, Ledger raised $75 million in Series B round, led by Draper Esprit. The company said at the time that it will use the funding to significantly scale up its operations.

Soong said that it is a “very exciting time” to join Ledger as the company is rapidly expanding across the globe.

“[T]he opening of this office will help meet the increased demand for our products and services,” he said. “We expect to grow quickly, and have already targeted future office expansion, including Tokyo, Seoul and Singapore.”

In a report, CoinDesk reported that the company is planning to add support for more stablecoins and to expand tether (USDT)'s usability across all its products and services.

Ledger currently supports tether (USDT) for its two of its storage products, the Ledger Nano and Ledger Blue and wants to add the cryptocurrency to its institutional service.

"One thing that is slightly unique in China and South Korea is the demand for USDT," said Soong. "Since both of those countries have capital controls, in terms of your ability to move currency out of the country."