Pascal Gauthier

Pascal Gauthier (born 26 June 1976, French) is the Chairman & CEO of Ledger, the Paris-based maker of crypto hardware wallets (the Nano and Stax devices) and the Ledger Live software. He first became involved with Ledger as one of its earliest backers around 2014, joined operationally as COO, became President in 2017, and was appointed Chairman & CEO in 2020. Under his leadership Ledger has scaled into one of crypto's most prominent security companies, securing a large share of the world's self-custodied digital assets and reaching unicorn status (valued around $1.5B in its 2021 raise).

Before Ledger, Gauthier built a career spanning consumer internet, ad-tech, and venture capital. He was an early executive at Kelkoo, the price-comparison company sold to Yahoo for roughly €475M in 2004. He then spent about five years as Chief Operating Officer at Criteo, where he played a central role in the ad-tech firm's pivot to performance advertising and its global expansion ahead of its IPO.

After Criteo, Gauthier moved into investing as the first Venture Partner at Mosaic Ventures, a London-based VC firm focused on Series A companies. Alongside his operating roles he has invested as an angel and held board seats — notably as co-founder and non-executive chairman of Kaiko, the crypto market-data provider. He is a frequent conference speaker (Paris Blockchain Week, VivaTech, CfC St. Moritz) and a vocal advocate of self-custody and digital-asset security.

• Invests as an individual angel writing small early-stage checks (~$5K–$50K, ~$25K typical), per NFX Signal — these are personal bets, distinct from Ledger's strategic/corporate investments.
• Concentrates on crypto/Web3, blockchain infrastructure, security, and fintech, the domains he knows operationally from running Ledger.
• Historical breadth across digital media and ad-tech (e.g., Teads, Guidebook, BitPesa) reflects his consumer-internet and Criteo background.
• Backs founders building the "rails" of the crypto economy — market-making, trading infrastructure, data, and on-/off-ramps — consistent with his thesis that hardware and security ("the revenge of the atoms") underpin trust in digital assets.
• As an operator-investor, leans toward teams in security and self-custody where his Ledger experience and network add value.