Ledger Adds $108M in New Funding to its Series C Round
In Brief
Crypto hardware wallet company Ledger has raised €100 million ($108 million) in a Series C extension round.
The company’s valuation remains unchanged at €1.3 billion ($1.41 billion).
Ledger plans to integrate new coins, blockchains, services and features into its crypto wallet app, Ledger Live.
Paris-based crypto wallet manufacturer, Ledger, has raised €100 million ($108 million) in a Series C extension round, adding to the $380 million the company raised in its Series C round in 2021.
Amid crypto winter, Ledger managed to raise funds at a valuation of €1.3 billion ($1.41 billion), which remains unchanged from its valuation following its Series C funding two years ago.
According to Bloomberg, the company will have a second close for the funding round in mid-April and followed by a third round based on demand. Existing backers 10T, CapHorn Invest, Morgan Creek Capital, and Cathay Innovation invested in the latest round. New investors included True Global Ventures, Cite Gestion SPV, Digital Finance Group, and VaynerFund.
The new funding comes after a number of hacks and exploits, as well as the Terra crash and FTX collapse, shook the crypto world, leading users to seek safer storage solutions for their funds. Ledger manufactures physical devices called hardware wallets, allowing users to store their funds in a wallet encrypted by private keys, making them extremely difficult for hackers to access.
One of the main benefits of using a hardware wallet like Ledger is that it keeps the private keys offline, which is known as “cold storage.” This means that the private keys are not stored on a computer or on the internet, which reduces the risk of them being compromised by hackers. In addition, the hardware wallet is designed to protect against physical attacks, such as tampering or theft.
“As we enter this new era, the smartphone in your pocket and the laptop on your desk lack fundamental security properties. These devices were built to produce and share content in a centralized Internet of Information, not to own and trade assets in a decentralized Internet of Value. My point is clear: you need a new generation of hardware to explore this next chapter,” Ledger CEO Pascal Gauthier wrote in a blog post.
Over the years, Ledger’s hardware wallets have evolved along with the web3 space. Last December, the company launched Ledger Stax, a new touchscreen device that allows users to view their crypto and NFTs.
In its next chapter, the company plans to continue integrating new coins, blockchains, services, and features into the Ledger Live app, which can be paired with a Ledger hardware wallet.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
