Nicolas Bacca, the renowned Chief Innovation Officer and co-founder of Ledger, has decided to part ways with the company. This decision comes in the wake of Ledger’s contentious Recover feature. Interestingly, this move mirrors Eric Larchevêque’s departure in 2019, who was Ledger’s former CEO and co-founder.
Bacca’s Vision for the Crypto Space: Beyond Hardware Wallets
A trusted confidante revealed that Bacca is set to pioneer a novel initiative to increase crypto user adoption. While he acknowledged Ledger’s pivotal role in introducing self-custody to the masses, Bacca views it as just the beginning. In his eyes, the vast expanse of the crypto world remains largely uncharted.
Before his foray into innovation at Ledger, Bacca was the Chief Technology Officer. During this period, Ledger saw an impressive sale of $6 million from its iconic Nano wallets, a testament to Bacca’s strategic oversight.
Although Bacca remains tight-lipped about his imminent role, clues from his LinkedIn profile hint at an association with Ubinity. This firm is renowned for crafting secure modules tailored for smart cards. Additionally, Bacca’s entrepreneurial spirit previously gave rise to BTChip. This venture aimed at fashioning an open-source secure element hardware wallet, ultimately laying the foundation for Ledger’s inaugural version.
Considering Ledger’s recent endeavors to enhance its wallet’s user interface – particularly the criticized recovery feature – it wouldn’t be surprising if Bacca leveraged his expertise for more user-centric innovations. Rumor has it he’s eyeing collaborations with firms he’s invested in, such as the Bitcoin-centric neobank Bitstack, Morpho’s DeFi-based P2P lending service, and the exhilarating MMA NFT video game, MetaFight.
Controversies at Ledger: Seed Phrase Recovery Backlash
One can’t overlook Ledger’s attempt at a subscription model during Bacca’s term. This service, which aimed to retrieve seed phrases (a 24-word sequence crucial for key reconstruction), faced significant backlash. Crypto enthusiasts believed it veered away from the core principle of self-sovereignty, accusing Ledger of sidelining crypto essentials in favor of business and aesthetic pursuits.
In the storm’s wake, Pascal Gauthier, Ledger’s CEO, committed to open-source more of Ledger’s software. While acknowledging the communication oversight around the Recover feature, he also underscored the significance of key recovery. Especially for newcomers, handling keys can be overwhelming, making such features essential for wider adoption.
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