Ledger: From Paris to Global Crypto Domination

Context

2014. Bitcoin is volatile, exchanges are getting hacked, billions are lost. Eight French engineers see an opportunity: secure hardware wallets for crypto holders.

They start Ledger from Paris. In a country with zero crypto culture.

The French Advantage

1. World-Class Cryptography

French math education (École Polytechnique, ENS) produces cryptographers who work at NSA, Google, top universities.

2. Security-First Culture

Silicon Valley: "Move fast and break things."
French engineering: "Build it right the first time."

In crypto hardware, one approach leads to hacks. The other leads to trust.

3. Lean Operations

Raised $85M total (vs $200M+ US competitors who failed). French constraint = forced efficiency.

Results (2014-2024)

Lessons

• Constraint → Creativity: Limited capital forced lean, efficient operations
• Quality → Trust: Security-first approach built long-term customer confidence
• Global from Day 1: Overcame French insularity, thought international immediately
• French Engineering: World-class expertise at fraction of US costs