Latest / Success Story with Scott Clary / Lessons - Keep Your Crypto Safe | Pascal Gauthier - Chairman & CEO of Ledger

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Lessons - Keep Your Crypto Safe | Pascal Gauthier - Chairman & CEO of Ledger · Success Story with Scott Clary

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  slash success code success for 30% off your first order of these amazing gummies. In this lessons
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  episode, discover how the collapse of FTX reshaped the crypto industry forcing a shift towards
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  self-custody and redefining trust in digital assets, learn why centralized exchanges lost credibility,
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  how self-custody became a necessity and why crypto's future depends on balancing security
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  with usability. Do you find that because you're sort of boots on the ground so I don't want to
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  make assumptions but do you find that more people are still keeping their crypto on the spot where
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  they bought it or do you see user adoption to hardware people understanding security better.
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  No, we've seen people understand money and they don't want to lose their money. So now a lot of people
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  lose money. A lot of people lose money but after FTX is like you know when you burn yourself and you
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  know not touch the flame anymore. So FTX was the big earthquake I think much bigger than
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  you know mongogs or you know all of these things that happened in the past and by the way they
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  keep on happening and they will keep on happening. FTX was not the last. The same way that lemon
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  brother was not too big to fail like you know it's like why would you trust a central authority
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  with your money. I mean exchanges are very useful like you should use them to do the trade but
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  like you should never leave your coins on an exchange. And so I think people understand that and
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  we've seen this in our numbers like it was you know a hard way to learn but but but it was away and
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  and you see it in the coins moving from exchanges to sort of somewhere else and we see a lot of
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  coins moving to our platform and then we see a lot more people now are engaging with the services
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  that we have in later lives especially the buy the sale and the swap services the numbers are
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  you know very impressive you are like you know triple digit gross and very constantly in q1
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  continuing in q2 when the market is not definitely not doing a triple digit gross. No no no at all
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  not at all. So you see is you're not even taking over people that are like very very adamant
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  crypto users. You still are you're bringing people in. Yeah. It was never used crypto before even in
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  a on the transaction thing what I'm describing is more like our user base now understand that the
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  undo more was ledger than just store the crypto and they prefer to do the trades from their ledger
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  rather than from the exchange. So they so they so they they keep it in the ecosystem correct but
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  you also see people like you still see of the course the industry is not growing a triple digit
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  growth but they all see people that are are entering crypto with ledger versus entering crypto
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  with coinbase and keeping things on coinbase. Oh yeah for sure and actually more and more like
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  well first of all before in 17 it was not possible so yeah to do coinbase first and then ledger
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  second in 23 now first of all it's not just cryptocurrency but it's also NFT so sometimes you
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  enter you enter through an NFT and not really through through crypto you can go and open c
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  take your credit to debit card you know coinbase providing a service and then you buy your NFT
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  and then you have to put it somewhere and actually through the payment service coin pay will ask you
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  what you want to put it and so it could be on your minimize could be on your ledger etc etc
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  and so yes more and more actually what we've seen in 22 when everybody was saying it was a bear
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  market we saw that sure and certain things you know certain things were not flying as high as
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  they would have had in the past but other things like you know the NFT business and those
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  communities being built around those projects kept on growing and so that brought a lot of people
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  in that brought a lot of ledgers and and what do you know now again you see you see people that are
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  older crypto users as well as new crypto users using ledger for all the transactions they want to
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  take care of what do you think is the key to user adoption do you think that there is unfortunately
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  the requirement for more FTX type things that I'm actually not for not user adoption so that would
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  be that would be migrating people over that are already crypto users but let's say bringing new people
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  in so FTX pushes people away that have never touched crypto it makes them scared they say oh thank
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  goodness I never bought any crypto because look at what just happened but what on the flip side of
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  that what is the key to user adoption okay but first I think so far everybody got it wrong to
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  think that speculation over coins was actually crypto I mean it is not crypto to speculate on
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  FTT on FTX that's like the worst of financial speculation I guess and if to you crypto
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  just like buying an Apple stock I mean you know sure like you can do that but I don't think
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  is the use case for crypto and by the way like you know the token only has value if you bring
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  security to the blockchain and if the blockchain has a vibrant ecosystem of developers companies
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  applications get right that are built on top of it and so I think that the even this the market
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  is just taking care of speculation like you know they're not looking you know sort of deep enough
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  into the protocols etc and you have like and it's difficult because you had so many like meme
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  coins that have like sort of no value but it's just like people pumping and dumping the market
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  that it makes that whole speculation aspect of crypto a bit ridiculous if you want my honest
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  point of view I think where crypto is interesting is if it's in self-custody because this is why
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  and how it has been designed like you know if you used to leave your crypto at a bank again sure
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  but why there are other things that you can invest in that are that are probably good good investments
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  and yeah so the interesting thing is like what can you do with your with your private keys and
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  how can you engage in you know product they're interesting like defy is one a good example if you
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  don't have your private keys you cannot really engage in defy we always overlook payment as if
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  it's a given but I still think that store value and payment with Bitcoin or Lightning or
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  payment in general with crypto is the killer app I mean you have like a peer-to-peer global
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  payment network isn't interesting how you know your offices on that as much as they said
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  because that was the original white paper yeah and this is where it's amazing like you know
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  to pay anything for me in the US with my European credit cards oh my god like it's
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  so difficult it's very difficult like it depends what you want to pay etc I mean if you
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  live on you know five dollars a day I guess you good but like if you have to go to hotels you're
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  entertaining you know your customers because you you have a business dinner we are certainly ten
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  people come you know that has a cost etc and if you start to use your credit cards like you max
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  them out like you know the one after the other etc and so and and the fees that you pay like
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  every time that you go to the ATM in the US like four dollars to get a hundred dollars out that's
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  ridiculous and so yes payment with crypto is a huge case you know and if you if you think that
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  it punishes to volatile okay fine so do it in stable coins and like that's I think that's what
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  yourself dot com slash Scott so people that are scared of crypto because of FTX FTT or anything else
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  you're right it's because they're focusing on the wrong thing because I think too many people
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  tried to gamble on it for a long period of time and they realize that oh it actually is volatile
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  it doesn't just go one way it's yeah I can go both ways now it's like going to the casino and be like
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  fuck you know I got it yes yeah that's how casino's work yes that's that's the casino that's
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  not a good behavior you you shouldn't you know when I when I got into crypto the theory was to say
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  you only invest in crypto what you can lose and then you're long like you wait like you know
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  it is not like coming in and out and people that are trying to buy low sale high you know sure
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  like everybody would love to be able to time the market but it doesn't work like that how do you
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  balance when you're building this hardware product how do you balance security and usability
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  because you're attracting you're attracting the most complex users that want the most complex
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  features as well as someone's parents that just are starting it for the first time
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  okay so first of all I don't think we're building technology for parents or grandparents
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  sorry to to bring the news to the parents and grandparents are using this podcast but we are building
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  technology for the younger generation you know I think if Bitcoin and crypto have to become what
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  they ought to become you know it will be for the younger generation I remember when I was a kid
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  we switch uh Frank's from the old Frank's to the new Frank's and it was the division of
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  a thousand I think no division of a hundred something like that uh a thousand ancient
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  Frank's where suddenly ten new Frank's and I remember my grandmother never being able to actually
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  is on to my grandmother did the switch but her sister never did the switch so she would always talk
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  to me in old old the old innovation etc which always I always tell that it was going to be super
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  rich but actually you know I had to do the math and you know the division in my head and in the
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  end I was not that rich and so my point is other people move with technology and it doesn't matter
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  if your father or grandfather etc like if you pay attention and you move with technology you will
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  understand but the technology is developed for younger generations okay so now that I've said
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  that how do you combine you know security and ease of use you do so stacks was an interesting story
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  where Tony Fadel the inventor of the iPod joined ledger and to design stacks and there has been
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  that healthy tension between Tony it was a product guy and you know one's product features and a
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  product easy to use and the ledger team that is a security team and it's like that's not possible
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  that's not possible we can't do that etc and so in the end you you make it work and you make it work
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  by saying number one there is zero compromise on security ever like there's no it's not even a
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  discreet we don't even open the discussion if there is a flaw or if there's a way even if it's
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  very difficult that someone could get into the device then it's a no go then we have to change
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  design we have to change your product etc so but once you you pass that hurdle of zero compromise
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  on security then you try to develop products where basically you make the onboarding easy
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  and the connectivity easy there's a two pain points that you're really trying to to solve for
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  so I need to set up my bank account I need to set up my wallet I need to set up something
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  how easy it is and by the way coming back to your previous question I'm like oh this shit is hard
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  I don't know like you know last time I tried to set up like an exchange account he was an easy
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  you have to have your ID you know you need to understand the kind of levels you know so level one
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  is like okay just one ID level two you need two IDs approved for residence etc like it's not
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  so easy like to register at a bank it's not so easy either some make it like easier than others
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  like rebel it as a very slick service but this is why they're super successful yeah yeah you're
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  right actually because they they brought that into into into the market so even in the the
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  old financial market most of the UX UI are really bad and so I would actually argue that what
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  we're doing now and especially we stack in terms of onboarding is going to be flawless and then
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  in terms of connectivity is like okay once I have that thing like what can I do with it that's
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  the second problem that you're trying to solve and to make it as connected as possible think about
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  the iPhone like the iPhone was a hit because suddenly you could connect to the internet thanks
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