Could The Crypto Winter Last Up To 24 Months?
The CEO of the Paris based tech company Ledger has said that the crypto bear market could last up to 24 more months.
Eric Larchevêque is a computer science graduate from EISEE Paris, highlighted that the low price in cryptocurrencies have had an impact on the industry as “the presence of mass media is much smaller.” In addition to this, when digital asset project valuations are down, there’s usually “less traffic and fewer sales.”
The comments from Larchevêque came during an interview with CCN last week during which he stated that the management at his firm is expecting a kind of “nuclear winter in
crypto”. Going on to explain Ledger’s game plan when it comes to dealing with a lower projected revenue in what is now the longest bear market in history, Larchevêque said his development team was “adapting the growth of the company to make sure [it] can withstand two years of the bear market.”
In addition to this, Larchevêque said that cryptocurrency prices go through different cycles which means that he is positive that the bull market will return again but it will take some time nevertheless. When the Ledger CEO was asked about developments in relation to the launch of the Ledger Vault, Larchevêque said:
“Yes, we launched [the Ledger Vault last] summer into what we call ‘early access’ with 20 customers who worked with us to deploy [it]. Now we have launched the Vault into production. We have released new versions and are moving forward with dozens and dozens of new customers.”
He went on to say that the global launch of the Ledger Vault involved opening more offices of business in New York as well as Hong Kong. As reported by CryptoGlobe, the Ledger Vault will be “ideal for asset managers and custodians looking for convenience and streamlined operations with zero compromise on security.”
Responding to a question about the type of customers that have an interest in solutions like the Ledger Vault, Larchevêque said investment banks, crypto hedge funds and financial organisations were interested in the companies digital asset cold storage solution.
The Ledger CEO revealed that the institutional clients of the firm “believe in crypto as some kind of investment vehicle but they also believe in the future of tokenization. That we will have some kind of bonds, stocks, securities or fiat money with
tokens. And they want to prepare themselves by having the back office ready first.”