Ledger, a provider of hardware wallets, raised 100 million euros ($109 million) in a Series C investment round extension, valuing the company at 1.3 billion euros ($1.4 billion), according to a March 30 Bloomberg story. The initial of three investment rounds is fundraising.
According to the article, a second closure is scheduled for April, and a third funding will follow at a later time owing to “strong investor interest.” The money will go into increasing manufacturing, developing new items, and expanding the company’s distribution system.
VaynerFund, Cité Gestion SPV, True Global Ventures, and Digital Finance Group are among the new investors in Ledger. Morgan Creek, Cathay Innovation, Draper Dragon, and Cap Horn are just a few of the previous investors.
Ledger CEO Pascal Gauthier stated that the recent failure of cryptocurrency exchanges and banks has increased public awareness of cryptocurrency self-custody in a recent interview at Paris Blockchain Week.
“You know, they rush to crypto and to hardware wallet providers whenever the market becomes agitated and whenever people fear for their savings.”
Ledger adoption
Following the abrupt demise of the cryptocurrency exchange FTX, Ledger apparently experienced its best sales month in November. The company claims that revenue from the cryptocurrency buy-and-sell software has increased by 200% over the last year.
Hardware wallet provider Trezor also benefited from the FTX disaster; the company reported a 300% increase in sales revenue as a result of investors saving their funds.
Ledger asserts to have 30% of the total amount of non-fungible tokens and more than 20% of all cryptoassets in use. The business just hired Tony Fadell, the man behind the iPhone, to create a new iteration of its hardware wallet.
Leading professionals in the field have also endorsed crypto self-custody. In November, Changpeng Zhao, CEO of Binance, advised investors to start small and become familiar with the technology.
