Ledger has named a new chief financial officer and opened an office in New York as the crypto-security firm expands its US presence ahead of a planned public listing.
The company said John Andrews, a former Circle ( CRCL ) executive, will take on the CFO role. 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 multi-million dollar investment, will serve as a hub for Ledger’s corporate business. The firm is hiring across institutional and marketing roles as it builds services for banks, asset managers and other financial firms moving into digital assets.
Ledger said the move reflects growing demand for secure infrastructure as more institutions hold and manage crypto.
The expansion lands as Ledger explores an initial public offering in the US. The company is reportedly working with major banks including Goldman Sachs, Jefferies and Barclays on an IPO that could value the firm at more than $4 billion. CEO Pascal Gauthier has previously pointed to rising revenue linked to an increase in crypto hacks, which has driven demand for secure storage.
Ledger is best known for its hardware wallets, but it has pushed deeper into enterprise services in recent years. Its platform offers tools for institutions to store, manage and trade digital assets with internal controls, similar to how a bank might monitor client funds across multiple authorizations.
The company says it secures a large share of retail-owned stablecoins and has sold more than 8 million units globally. Still, its track record includes setbacks. A data breach in 2020 exposed customer information and a later exploit in 2023 affected decentralized finance integrations linked to its ecosystem.
Ledger’s US push follows a broader shift in the crypto sector, with firms once 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 firm Securitize plans to IPO as soon as it receives the green light from regulators. Meanwhile, crypto exchange Kraken has put its IPO plans on hold while it waits for better market conditions, CoinDesk reported earlier this week.
