Ledger Adds $108M in New Funding to its Series C Round

Revealed: 31 March 2023, 11:30 am Up to date: 31 Mar 2023, 11:30 am

Paris-based crypto pockets producer, Ledger, has raised €100 million ($108 million) in a Sequence C extension spherical, including to the $380 million the corporate raised in its Sequence C spherical in 2021.

Amid crypto winter, Ledger managed to lift funds at a valuation of €1.3 billion ($1.41 billion), which stays unchanged from its valuation following its Sequence C funding two years in the past.

In accordance with Bloomberg, the corporate may have a second shut for the funding spherical in mid-April and adopted by a 3rd spherical based mostly on demand. Current backers 10T, CapHorn Make investments, Morgan Creek Capital, and Cathay Innovation invested within the newest spherical. New buyers included True World Ventures, Cite Gestion SPV, Digital Finance Group, and VaynerFund.

The brand new funding comes after a lot of hacks and exploits, in addition to the Terra crash and FTX collapse, shook the crypto world, main customers to hunt safer storage options for his or her funds. Ledger manufactures bodily gadgets known as {hardware} wallets, permitting customers to retailer their funds in a pockets encrypted by non-public keys, making them extraordinarily tough for hackers to entry.

One of many foremost advantages of utilizing a {hardware} pockets like Ledger is that it retains the non-public keys offline, which is called “chilly storage.” Because of this the non-public keys usually are not saved on a pc or on the web, which reduces the danger of them being compromised by hackers. As well as, the {hardware} pockets is designed to guard towards bodily assaults, corresponding to tampering or theft.

“As we enter this new period, the smartphone in your pocket and the laptop computer in your desk lack basic safety properties. These gadgets had been constructed to provide and share content material in a centralized Web of Data, to not personal and commerce property in a decentralized Web of Worth. My level is evident: you want a brand new technology of {hardware} to discover this subsequent chapter,” Ledger CEO Pascal Gauthier wrote in a weblog publish.

Over time, Ledger’s {hardware} wallets have developed together with the web3 area. Final December, the corporate launched Ledger Stax, a brand new touchscreen gadget that enables customers to view their crypto and NFTs.

In its subsequent chapter, the corporate plans to proceed integrating new cash, blockchains, providers, and options into the Ledger Stay app, which will be paired with a Ledger {hardware} pockets.

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