Ledger branches out to Hong Kong; announces support for stablecoins including Tether

Ledger, a cryptocurrency and blockchain security provider, is expanding its operations to Hong Kong. As a part of the expansion, the company has named Benjamin Soong as its head for the Asia Pacific region. The expansion is part of the firm's strategy to meet growing demand of Ledger's two highly sought-after products - Ledger Nano S and Ledger Vault. Around 30% of its hardware sales are from the Asian market, even without the company's presence on Asian soil. Ledger Vault helps firms manage their cryptocurrencies by building information technology infrastructure coupled with 'state of the art security'. Ledger Nano S, on the other hand, is a hardware wallet that supports over 40 cryptocurrencies and allows users to receive payments in digital coins with much less risk. Since Ledger believes security is the key to cryptocurrency dealings, its products have more demand within the crypto community. "Institutions are looking for safer storage options along with integrated governance policies, but don't want to sacrifice operational efficiency -- with our technology, investors don't have to compromise," said Soong. Ledger is rapidly expanding across the globe and has plans in place to venture into more Asian markets. "We expect to grow quickly, and have already targeted future office expansion, including Tokyo, Seoul and Singapore. I look forward to building a world-class team that will help us accelerate our growth across Asia Pacific," added Soong.

We still believe in Tether

Notably, a report published today indicates that Ledger is adding support for stablecoins, including the controversial Tether [USDT], to Ledger Vault. According to the newly appointed head, Tether is still popular among the Asia Pacific crypto community even after the stablecoin lost its dollar parity. "One thing that is slightly unique in China and South Korea is the demand for USDT. Since both of those countries have capital controls, in terms of your ability to move currency out of the country," said Soong. USDT "is a vehicle that is kind of unique in the market out here, that I've seen so far," explained Soong. He added that Chinese and Korean investors were more keen on investing in fiat-pegged cryptocurrencies and digital assets supported by traditional financial institutions. The crypto wallet maker will add more stablecoins as it focuses on expanding its reach across Asia. Their target is to support 100 tokens by the end of next year. According to the company's roadmap, it is currently working on adding Cardano [ADA], Decred [DCR], IOTA [MIOTA], Lisk [LSK], RavenCoin [RVN] and Tezos [XTZ]. See also: 

USD Coin [USDC] winning the stablecoin race as supply hits 127mn

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