Ledger, a Paris-based manufacturer of hardware wallets for cryptocurrencies, has raised $120 million in a fundraising round for blockchain hardware purchases. With involvement from previous investors like Cathay Innovation, Draper Esprit, and Draper Associates, who have all made investments in the company before, the funding round was led by New York-based VC firm 10T Holdings.
Since its establishment in 2014, Ledger has sold over 6 million devices. It was revealed that the business currently owns about 25% of all cryptocurrencies and 30% of all NFTs. Hardware wallets from Ledger make it possible to store cryptocurrencies like Bitcoin, Ethereum, and others in a secure manner.
Latest report from that quarters is says that Ledger will be able to increase the security and functionality of its current hardware wallets by investing in new technologies and expanding its product line as a result of the most recent fundraising round. With aspirations to build a foothold in Asia and the US, the money will also assist Ledger in broadening its global reach.
The purpose of Ledger, according to CEO Pascal Gauthier, is to make crypto assets available to everyone, and the money will enable them to carry out this mission. He was quoted as saying that “cryptocurrency is a powerful tool that enables everyone to own and manage their financial lives. The backing of our investors, he continued, “will enable us to continue developing unique products that have a positive societal impact.”
The funding round takes place at a time when the cryptocurrency market is expanding and the value of Bitcoin and other virtual currencies has reached all-time highs. The need for safe storage options has grown as more individuals invest in cryptocurrency. The private keys in Ledger’s hardware wallets are kept offline to thwart hacking and provide a secure way to store cryptocurrency.
A Detailed Analysis Of Ledger Fund Raising
After this most recent fundraising round, Ledger’s valuation remained at $1.5 billion, making it one of the most valuable cryptocurrency firms in Europe. To date, the business has raised $267 million, with capital rounds from Samsung and Google Ventures serving as the leaders.
Ledger claims that the business has grown significantly over the past year, with revenue rising by more than 500%. It was also revealed that the company has increased the number of products it offers with the 2020 introduction of the Ledger Nano X and Ledger Nano S. While the Ledger Nano S is a more cost-effective choice for individuals just getting started with cryptocurrency, the Ledger Nano X has Bluetooth connectivity.
The business has collaborated with several other cryptocurrency-related businesses, including BitStamp. The CEO and Chairman of Ledger, Pascal Gauthier while commenting on this development said that these investments come after (what he described as) a “unique year” for the firm last year. He went further to express his happiness and said that the company is on a mission to make sure that everyone is entitled to self-custody.
Gauthier, in his facilitation statement, said that “after a successful year, we are pleased to witness our longstanding investors and partners continuing to support us. Additionally, we extend a warm welcome to new investors who have recognized the potential of the fast-growing digital value and hardware revolution and have decided to join us.”
Molten Ventures Boss Felicitate With Ledger
Meanwhile, the CEO of Molten Ventures, Martin Davis while responding to Gauthier described the recent rounds as a revolutionary technology. In his words: “Ledger’s business and its revolutionary technology are proof of their strength.” Davis also assured that the company (Ledger), will be consistent in ensuring that they play a major role in the future development of cryptocurrency and blockchain.
A kind of development that goes beyond the traditional banking system. His comment was quoted thus: “beyond what the bank can provide, Ledger will continue to play a crucial role in the future of cryptocurrency assets and blockchain.” It is also important to note that this latest investment by Ledger has bestowed the company with much vote of confidence in the cryptocurrency industry which has not been performing well for a while now.
Also sometime last month, it was reported that the cryptocurrency industry witnessed a major attack that saw Euler Finance: a major cryptocurrency lender losing $200 million. Although the perpetrators have since returned a large portion of the stolen funds, companies like Ledger have vowed to protect their customers against scenarios like this.