Ledger, the French cryptocurrency and cyber security company, aims to make a “big push” into the Middle East, North Africa and India in 2025 as part of its global expansion strategy, as Bitcoin shapes up to be a safe asset, its chief executive has said.
The Paris-based company, which already has a foothold in the UAE, will be looking at markets including Saudi Arabia, Qatar and Bahrain for its crypto security technology, which is designed to protect users' digital assets in the $2.3 trillion industry, Pascal Gauthier told The National in an interview on Thursday.
Ledger is best known for its crypto hardware. The PDA- and USB drive-style devices manage digital assets, have several layers of security and integrate with Apple's iOS, Google's Android and personal computers.
India and Turkey, in particular, are “highly promising”, Mr Gauthier said, though the former is a “tough nut to crack” due to customs and other regulatory barriers. He was speaking in Dubai, where Ledger kicked off a global tour to mark its 10th anniversary.
From both consumer and enterprise sides “this region is really moving in terms of traditional finance migrating towards crypto finance” so users “need tools” to help manage their assets, Mr Gauthier said. In the lead-up to its 2025 expansion plans, Ledger is looking for partners to help distribute its products in target markets, he added.
“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.”
The Mena region received $338.7 billion in crypto value between July 2023 and June 2024, with Turkey accounting for $136.8 billion and Saudi Arabia accounting for $47.1 billion, blockchain company Chainalysis said in a report last month.
Turkey’s high inflation rate has driven much of the country’s crypto adoption, as its citizens turned to digital currencies – particularly stablecoins and altcoins – to hedge against national currency devaluation and seek higher returns, the New York-based Chainalysis said.
Saudi Arabia remained the fastest-growing crypto economy in Mena, followed by Qatar. The volume of stablecoins in the kingdom and the UAE were higher than the global average, with interest in decentralised platforms remaining high in the Arab world's two biggest economies, the report said.
The value of cryptocurrency assets received by services in the UAE, meanwhile, reached $34 billion during the same period, representing a 42 per cent year-on-year growth, driven by increased institutional participation, regulatory innovation and expanding market activity, signalling a more balanced adoption landscape, the report said.
Regulatory strides made across key markets in Mena this year are expected to further develop the crypto sector, impacting financial inclusion and the broader adoption of decentralised financial systems, Chainalysis said.
“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 said, noting that Ledger's investment in Dubai and Abu Dhabi is “not too dissimilar” to what it is doing in other major markets such as the US or Europe, without elaborating.
Ledger's push comes amid optimism on the crypto market, especially Bitcoin, the world's first and biggest cryptocurrency that has strongly recovered from its most recent lows. As of Friday, Bitcoin is priced at about $67,400, but still well below its all-time high above $73,000 set in March.
Bitcoin and the overall cryptocurrency market have proven to be highly volatile, where wild swings are influenced by anything from economic factors to simple things such as tweets. The sector has also had to endure high-profile company closures, cyber attacks and criminal cases against top executives, most notably FTX's Sam Bankman-Fried who was eventually sentenced to jail.
However, Mr Gauthier believes Bitcoin is a safe asset, though with the caveat of being aware of the high risks involved and analysing market trends, especially over the long term.
“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 said.
“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.”
360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
more from Janine di Giovanni
UAE currency: the story behind the money in your pockets
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
The permutations for UAE going to the 2018 World Cup finals
To qualify automatically
UAE must beat Iraq.
Australia must lose in Japan and at home to Thailand, with their losing margins and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
To finish third and go into a play-off with the other third-placed AFC side for a chance to reach the inter-confederation play-off match
UAE must beat Iraq.
Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
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Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Company%20profile
%3Cp%3EName%3A%20Cashew%0D%3Cbr%3EStarted%3A%202020%0D%3Cbr%3EFounders%3A%20Ibtissam%20Ouassif%20and%20Ammar%20Afif%0D%3Cbr%3EBased%3A%20Dubai%2C%20UAE%0D%3Cbr%3EIndustry%3A%20FinTech%0D%3Cbr%3EFunding%20size%3A%20%2410m%0D%3Cbr%3EInvestors%3A%20Mashreq%2C%20others%0D%3C%2Fp%3E%0A
