Pascal Gauthier believes that self-custody is at the heart of cryptocurrencies, even with new developments like spot Bitcoin exchange-traded funds popping up in the market.
He gave an interview to the popular crypto site, Cointelegraph at a crypto event.
Self-custody is the main point
“If not self-custody, then why crypto? There is no crypto without self-custody, so it’s a bit of a moot point if all coins go to an ETF or an exchange. There is no crypto. Bitcoin peer-to-peer; it’s not a bank-to-bank. It’s meant to remove the middleman.”
Gauthier also discussed the need for hardware wallets to keep up with changes in the crypto industry.
He compared their evolution to that of mobile phones, explaining that hardware wallets must become more advanced.
“The reason why it has to evolve is because crypto never sleeps. There are layer-2s, and an application layer is now being built on top of public blockchains. So, your hardware wallet will have to be more and more sophisticated.”
Secure the keys, secure the information!
He mentioned that Ledger is expanding its focus beyond just securing cryptocurrencies to also protecting online information. Maybe a new business service is also coming?
“Your ledger will be your security device to protect your secrets, whether they are cryptocurrency secrets or just online internet secrets.”
On July 26, Ledger launched its new product, Ledger Flex, which Gauthier claimed has the only secure touchscreens in the world.
Gauthier highlighted the importance of improving security in the crypto space, especially after a relatively new incident where a crypto whale lost $55 million due to a blind signing error at the DeFi protocol Maker. This mistake allowed bad actors to access his funds.
Don’t follow the herd!
To address these issues, Gauthier advocates for clear signing instead of blind signing. He explained that Ledger’s new products feature larger screens for better visibility when signing transactions.
He believes the industry should move away from blind signing practices and mentioned that Ledger has partnered with various organizations to promote awareness about clear signing.
“Clear signing is a big initiative. This is why those products, Ledger Stax and Ledger Flex, have bigger screens; you need to see what you sign on a secure screen. Blind signing is something that everybody does in the industry, but it’s crazy because it’s like signing blank checks online.”
