As crypto users face growing concerns over the security of their assets, the question of who truly controls them has never been more critical. Exchange hacks are a constant reminder that convenience often comes at a cost. Users are exploring self-custody as an alternative mode to secure their assets. But is it truly the most reliable option?
To unpack what self-custody looks like today and where it’s headed, TheNewsCrypto spoke with Jean-François (JF) Rochet, EVP at Ledger. He shares how the company addresses real-world user concerns, what it takes to balance hardware-level security with practical usability, and why self-custody may be less of a trend and more of a foundational shift.
TheNewsCrypto (TNC): How did Ledger land on your radar and what made you jump in?
JF Rochet (JFR): I have been in tech for a while, mostly focusing on identifying opportunities and delivering value to customers. Joining Ledger has been extraordinary. It’s a place where there’s always a new challenge and the opportunity to build something meaningful. After years in tech, working at the forefront of innovation is what drives me.
What stands out at Ledger is the high caliber of people here. The mission of making self-custody and security accessible to a broad range of users is something I’m proud to be part of. In the end, it’s not about individual roles but about what we deliver to the community and users. That’s what matters most, and it requires humility, which I value.
TNC: How has Ledger evolved over the past years you’ve been with them?
JFR: There’s a clear trajectory that’s been set by our CEO, Pascal Gauthier. We are not tied to market ups and downs or trends. There’s a plan to bring security and empower both enterprises and customers.
For us, it’s all about taking things step by step to humbly improve usability and scaling steadily. When there’s acceleration in the market, we reinvest and continue to develop and propose new things.
The new generation of devices is a meaningful shift in what we can offer. If you compare Ledger Live today — with its wide range of services, broader choices, international relevance, and multi-language support — to what it was four years ago, it’s a huge leap. But to us, it is continuity. As a security company, delivering a great user experience is a long-term, step-by-step mission.
TNC: What were the main user pain points Ledger tackled, and which strategies proved most effective?
JFR: What matters first is the ethos of crypto. At its core, crypto is a journey toward decentralization and self-custody. To truly embrace crypto, you must own your coins, manage your finances, and control your destiny. But with that comes the question of security. You cannot be free, autonomous, or self-custodial without proper security in place.
That’s what we’ve been focused on across the ecosystem. The first layer is building security into devices. A separate, purpose-built device for signing transactions, creating addresses, and managing accounts is essential. Computers and smartphones simply aren’t equipped for that, as they come with too many risks.
Beyond that, usability matters just as much. Can I access my assets easily? Can I fully manage my wallet through a device I trust? The strength of Ledger today lies in combining that uncompromising hardware security with a high-performing software environment.
We’ve built an ecosystem where users can access services from different players, all in one place. It’s a key part of how Ledger continues to lead.
TNC: With the release of touchscreen wallets — Stacks and Flex — in 2024, what insights did you gain from user adoption and market traction?
JFR: It’s doing well and is a transformational moment. People need to see what they’re doing and sign what they see. That’s why having a large, secure screen matters.
This isn’t just any screen — it’s powered by a chip built specifically for security. It guarantees that what appears on the screen is exactly what you’re signing. It wouldn’t add value if it had the same vulnerabilities as a phone or computer.
But in this case, it’s transformational. We call it clear signing — information shown in a way humans can easily understand. It gives users full clarity and trust in what they’re approving.
That’s a big part of why these devices have been so successful. They’re securely and beautifully designed. Take Stax, for example. It was created by Tony Fadell, the godfather of the iPod and a key player in the early iPhone projects. His design DNA is all over it.
TNC: Security has always been a paramount focus for Ledger. What approaches have you taken to stay at the forefront of this and how do you continue to uphold that standard while pushing out new innovations?
JFR: There’s no real trade-off between security and utility. If something compromises security, it’s not effective. It’s a journey about value and money, understanding where you’re going and what you’re doing. Especially for self-custody customers, it’s only worth it if you’re not at risk of scams, sending assets to the wrong address, or getting hacked. It all starts with security.
Once security is established, the next challenge is offering the best possible user experience. This is what Ledger Live aims to do today. It’s a continuous effort because the industry isn’t fully mature yet. Not every project, protocol, or service is as easy to use as it should be. You can trace this back to the early 2000s, when the internet had clunky user interfaces, and websites weren’t as user-friendly as they are today.
Crypto has benefited from technological advancements, so we’re leveraging much more sophisticated user experience technology than what existed 25 years ago. Once security is in place, we can improve the user experience. Going the other way around puts users in danger. This is something we cannot compromise on, as the rising hacks in 2024 have clearly shown.
TNC: With altcoin ETFs on the rise and a strong push for self-custody in the crypto space, do you see a conflict between growing institutional products and the core ethos of decentralization?
JFR: When you look at how things have evolved, there’s a range of crypto investors, similar to how the automotive industry evolved in the early 20th century. Some people will invest in the industry but won’t directly engage with the technology itself, just like how early tech investors didn’t necessarily use the Internet themselves.
Today, you have people investing in crypto, believing in its future, but not sure how to participate. On the other hand, some people have made decentralized finance (DeFi), self-custody, and all the innovations crypto offers a part of their daily lives. The question is: what’s the balance between these two groups, and what is the ecosystem’s role in bridging the gap?
At Ledger, we’re focused on creating an environment where all these new protocols and ideas can thrive and be usable. We’re helping to move more people from simply investing in crypto without knowing exactly how to use it to actively engaging with it. By doing so, we’re enabling innovators and early adopters to lead the way in demonstrating how crypto can be truly useful. Our hardware and Ledger Live work together to create the conditions for this.
TNC: With the rise in exchange hacks, more users are turning to self-custody. What key factors should they prioritize when making that shift?
JFR: Self-custody is the original promise of crypto and digital assets and the future of value control. In the past, people lost control over their personal data, and we shouldn’t let the same happen with value. Self-custody allows individuals to retain control.
Security plays a crucial role here. If self-custody isn’t secure enough, users will need to trust someone else, and that means losing control. It must be secure enough to keep users interested, and the technology behind it, hardware in particular, plays a big role in this.
It’s also important that self-custody is usable and offers opportunities. That’s why we focus on creating secure solutions for both individual and enterprise customers. For crypto-native companies, we provide the same secure infrastructure.
Our goal is to help both projects and users secure digital assets, offering them secure access to services via hardware. A dedicated security model is essential for digital assets, supported by hardware, and it should enable users to explore different solutions freely. Self-custody shouldn’t lock people into one provider.
TNC: We’re seeing a rising trend in the integration of AI with blockchain. How is Ledger exploring this ‘crypto x AI’, and what can we expect in 2025?
JFR: This particular paradigm is taking up a significant space on people’s watch lists. As a company, we are leveraging AI in the way we work. We have a strong team focused on data, BI, and AI. They are developing things that are extremely useful in helping us be more productive, faster to market, more accurate, and better at serving our customers.
When it comes to market trends, what matters most to us is being ready to support new things. However, we don’t have an opinion on what will happen, what the next trend will be, or what the next coin or token will be. For us, it’s really about ensuring that we can serve whatever users decide is right for them.
Rather than speculating, we focus on being flexible to meet evolving needs. We’re tracking developments with interest but remain cautious in our assessments.
Disclaimer: The information provided in this interview article is for informational purposes only. It is not intended to be, nor should it be construed as, investment advice, financial guidance, or a recommendation to make any specific decisions. Readers are encouraged to conduct their own research.
