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EY crowns cryptocurrency wallet maker Ledger as Parisian startup of the year

Ledger advances to the next round


International business bigwigs have just given the nod to French cryptocurrency storage device manufacturer Ledger. The company has won EY’s Startup of the Year Award for the Ile-de-France region.

Global accountancy giant EY runs an annual competition to find France’s best new businesses. Le Prix de l’Entrepreneur de l’Année features three categories: best entrepreneur, startup, and social commitment.

This year, a cryptocurrency business has found some early success. EY confirmed it has awarded Ledger with the title of best startup in its native region, Ile-de-France.

Ledger will move into the next round of competition, where it will go toe-to-toe with eight other startups for various awards. Of the finalists, just one winner will advance to compete for the global prize.

In July, Forbes reported that Ledger generated $29 million in profits last year, after selling more than a million cryptocurrency devices.

That aside, the company has not been immune to occasional tech difficulties. Earlier this year, researchers discovered a vulnerability in Ledger devices that left users open to “man-in-the-middle” attacks.

A few months later, security researcher Saleem Rashid discovered Ledger had done little to protect its devices from physical attacks.

In response, the company confirmed that customers must only purchase its cryptocurrency wallets from Ledger directly, or from a strict list of pre-approved resellers.

The good thing is that – unlike other cryptocurrency storage solution providers – Ledger has been responsive to researchers’ criticism. This is also why most crypto-insiders continue to place their trust in its wallet devices.

Published September 13, 2018 — 14:06 UTC