Ledger, the French cryptocurrency and cybersecurity firm, is set to make a significant push into the Middle East, North Africa, and India in 2025 as part of its global growth strategy, especially as Bitcoin emerges as a secure asset, according to its chief executive.
The Paris-based company, which has already established a presence in the UAE, is targeting markets such as Saudi Arabia, Qatar, and Bahrain with its crypto security technology designed to safeguard users’ digital assets in the $2.3 trillion industry. “It’s going to be a prime region … [and Ledger has] a very progressive view on crypto assets. [Governments] are moving towards crypto assets with regulations and also with the view that there is business to be done,” Pascal Gauthier told The National in a Thursday interview.
Ledger is widely recognized for its crypto hardware, including PDA and USB drive-style devices that manage digital assets with multiple layers of security, compatible with Apple’s iOS, Google’s Android, and personal computers.
Mr. Gauthier described India and Turkey as “highly promising,” although he noted that India presents challenges due to customs and regulatory issues. He was speaking in Dubai, where Ledger launched a global tour to celebrate its 10th anniversary. He mentioned that both consumer and enterprise sectors in the region are increasingly shifting from traditional finance to crypto finance, creating a demand for tools to manage assets.
In preparation for its 2025 expansion, Ledger is seeking partners to help distribute its products in these key markets. The MENA region saw $338.7 billion in crypto value from July 2023 to June 2024, with Turkey contributing $136.8 billion and Saudi Arabia $47.1 billion, according to a recent report by blockchain company Chainalysis.
Turkey’s high inflation has driven much of its crypto adoption, with citizens turning to digital currencies—especially stablecoins and altcoins—to protect against currency devaluation and pursue better returns. Meanwhile, Saudi Arabia is noted as the fastest-growing crypto economy in the MENA region, followed closely by Qatar. The report also indicated that the volume of stablecoins in Saudi Arabia and the UAE exceeds the global average, reflecting strong interest in decentralized platforms in these two leading economies.
In the UAE, the value of cryptocurrency assets received by services reached $34 billion during the same timeframe, marking a 42 percent year-on-year increase, fueled by growing institutional participation, regulatory advancements, and an active market landscape.
“Dubai in particular is really strong when it comes to retail … it has the consumer traffic to put the UAE on the crypto map,” Mr. Gauthier remarked, noting that Ledger’s investments in Dubai and Abu Dhabi mirror its efforts in other major markets like the US and Europe.
Ledger’s initiative coincides with a wave of optimism in the crypto market, especially regarding Bitcoin, which has rebounded significantly from its recent lows. As of Friday, Bitcoin was priced at approximately $67,400, still below its all-time high of over $73,000 achieved in March.
While Bitcoin and the broader cryptocurrency market have demonstrated high volatility, influenced by various factors, including economic conditions and social media activity, Mr. Gauthier regards Bitcoin as a safe asset—albeit with inherent risks. “There is no such thing as risk-free investments. Free investment means very low return, so it really depends on how you invest and what kind of return you’re looking for,” he explained.
“If you have a short-term view on crypto, then you take the same risk as doing it on the stock market … if you’re trying to play with volatility, then you’re taking a lot of risk. If you’re a long-term investor, I would say Bitcoin right now has proven over the years that it’s a safe asset … nobody has lost money investing in Bitcoin.”
