Hardware Wallet Maker Ledger Targets LATAM Growth

A crypto hardware wallet, connected to a cable via a USB socket, rests on a laptop keyboard.
Source: Mingis/Adobe

Crypto hardware wallet producer Ledger is looking to expand into the Latin America region and is targeting growth in “Central and South America”.

By cryptonewsthe French firm has announced plans for an “expansion” that Ledger hopes will “strengthen” its supply chain “operations” in “the entire Americas region.”

The news outlet said that Ledger has established “official resellers of its products” in Argentina, Brazil, Mexico, Chile, Colombia, Paraguay, Uruguay and Colombia.

But he also pointed out that many Central American countries, such as Guatemala, El Salvador and Panama, as well as South American countries such as Venezuela and Peru, “do not have [Ledger] resellers.”

“Users of these [nations] you have to pay high shipping costs for official products, or buy them at a premium from less reliable sources,” he said.

But, Criptonoticias suggested, Ledger’s new focus “on expanding into Latin America” ​​could provide “easier access to Ledger products” for consumers in the aforementioned nations.

previously announced ledger this year that it reached a partnership agreement with a US-based logistics company to “distribute some of the inventory previously housed” by its factories in Europe and Asia.

The company said it would “initially focus on the US and Canada.”

But it is also said that he planned to “extend the reach” of his association to “Central and South America”.

Does the ledger point to LATAM? Cryptocurrency adoption increases in the region

Cryptocurrency adoption is well underway in many of these nations, such as Panama, Peru, and El Salvador, nations where crypto mining and token buying have skyrocketed in recent years.

But Venezuela’s crypto adoption plans have taken a hit in recent months, following the arrest of most of the country’s pro-crypto ministers on corruption charges.

The country’s state-owned crypto asset, the Petro (PTR), also appears to be essentially dead, with government support largely removed.

Perhaps ironically, the Venezuelan government has offered high-level support for hardware-based crypto wallets in the past.

In 2019, the president of Venezuela, Nicolás Maduro, received a Trezor wallet from a reseller on state television, and then proceeded to sing the praises of the device.

Venezuela's President Nicolás Maduro holds a crypto hardware wallet and speaks into a microphone.
Venezuelan President Nicolás Maduro owns a crypto hardware wallet in 2019. (Source: President Nicolás Maduro/Facebook/Screenshot).

Bitcoin (BTC) proponent Samson Mow claimed last month that Guatemala “could adopt BTC in an instant” since its legal system allows the use of foreign currencies as a form of payment.

Earlier this year, Ledger announced the launch of Ledger Enterprise TRADELINK, a platform it says will offer features like off-exchange trading with regulated custodians.

Ledger said that the platform will offer users access to exchanges and brokers, including Crypto.com, Wintermute, and Komainu.