Ledger has named a new chief financial officer and opened an office in New York as the crypto security company expands its U.S. presence ahead of a planned public listing.
The company said John Andrews, a former Circle (CRCL) executive, will take over as chief financial officer. Andrews spent more than two decades in finance, most recently leading capital markets and investor relations at the stablecoin issuer. His appointment comes as Ledger positions itself for closer engagement with institutional investors and public markets.
The New York office, backed by a multimillion-dollar investment, will serve as a hub for Ledger’s enterprise business. The company is hiring in institutional and marketing roles as it develops services for banks, asset managers and other financial companies entering digital assets.
Ledger said the move reflects growing demand for secure infrastructure as more institutions own and manage cryptocurrencies.
The expansion lands as Ledger explores an initial public offering in the United States. The company is reportedly working with major banks, including Goldman Sachs, Jefferies and Barclays, on a listing that could value the company at more than $4 billion. CEO Pascal Gauthier has previously pointed to increased revenue linked to a rise in cryptocurrency hacks, which has driven demand for secure storage.
Ledger is best known for its hardware wallets, but in recent years it has delved into enterprise services. Its platform offers tools for institutions to store, manage and trade digital assets with internal controls, similar to how a bank might oversee customer funds across multiple approvals.
The company says it secures a large portion of retail stablecoins and has sold more than 8 million devices worldwide. Still, his record includes setbacks. A data breach in 2020 exposed customer information and a subsequent exploit in 2023 affected decentralized financial integrations linked to its ecosystem.
Ledger’s push into the United States follows a broader shift in the cryptocurrency sector, where companies are again testing public markets after a volatile period. Custodian BitGo (BTGO) recently went public, marking one of the first listings in the sector this year. Tokenization company Securitize plans to conduct an initial public offering (IPO) as soon as it receives the green light from regulators. Meanwhile, cryptocurrency exchange Kraken has paused its IPO plans as it waits for better market conditions, CoinDesk reported earlier this week.
