Ledger, the leading crypto hardware wallet manufacturer, has come under fire after announcing a new multi-signature (multisig) wallet application on October 23.

Ledger rolls out Enterprise Multisig (built on Safe) with on-device clear signing + Nano Gen5 pic.twitter.com/8js5o9hAcV

— Blockworks (@Blockworks_) October 23, 2025

While the company positioned the product as a technical breakthrough in security, its newly introduced transaction fees have sparked outrage among the crypto community.

A “Security Upgrade” With a Price Tag

Ledger’s new service allows users (both individuals and enterprises) to manage multisig wallets through a unified dashboard. The system enhances asset protection by requiring multiple digital signatures before approving transactions.

However, users were quick to express frustration when the company disclosed its fee structure:

• $10 flat fee per transaction, plus

• 0.05% variable fee on all token transfers.

These fees are charged in addition to blockchain network gas fees, making it one of the most expensive wallet solutions on the market.

CEO’s Miscommunication Fuels Trust Crisis

Controversy intensified after Ledger CEO Charles Guillemet stated on social media that the service would be “free,” only to retract the claim after launch , confirming it as a paid model. The contradiction triggered confusion and distrust among users. Ethereum developer pcaversaccio criticized Ledger’s direction, saying:

“Ledger pretends to be cypherpunk while centralizing all crypto assets into a single point of failure , and charging users for it.”

This episode highlights the growing ideological rift between Ledger’s corporate monetization strategy and the decentralization ethos of the broader crypto community.

Competing Wallets Offer Cheaper Alternatives

Ledger’s monetization strategy stands in stark contrast to competitors like Safe (formerly Gnosis Safe), which offers multisig wallet services requiring only standard gas fees.

With over 7.5 million hardware wallets sold and a 20% share of the global crypto custody market, Ledger’s decision carries industry-wide implications.

Security experts acknowledge the benefits of multisig technology for both retail and institutional investors but warn that pay-to-use models could alienate privacy-focused users.

Some analysts even caution that costly fees may push users toward less secure alternatives, citing a 22% surge in WalletConnect multisig integrations within 72 hours of Ledger’s announcement.

Revenue Strategy or Security Risk?

Ledger’s documentation states that the new app primarily targets DAOs and corporate clients, boasting a 47% reduction in signing errors compared to traditional multisig solutions.

Still, internal analysis suggests that the model requires at least 250,000 monthly transactions (around 3.3% of Ledger’s active user base) to be financially viable.

Researchers warn that the fee structure could encourage users to bypass Ledger’s official interface, increasing the risk of phishing attacks and third-party vulnerabilities.

As of October 25, Ledger has not announced any fee revisions, maintaining that the charges represent “sustainable infrastructure investment.”
The pricing framework, reviewed by France’s Autorité des Marchés Financiers (AMF), has not been formally challenged on compliance grounds.

The Bigger Picture: Ideals vs. Profit in Crypto Security

Ledger’s move underscores a deeper industry dilemma — the balance between decentralization and monetization. By introducing paid tiers for security features once considered fundamental, the company risks undermining the trust and transparency that built its reputation.

In an industry founded on user sovereignty and open access, Ledger’s new model could redefine what “security” means and who can afford it.