Crypto-based Ledger Raises €100 Million Euros Through Series C Funding: According to Coin telegraph, the second closing is expected to happen in April 2023, along with the third round at a later period.
Sources suggest that the funds will be processed towards enhancing the company’s distribution channel, increasing production, and creating new features.
Reportedly, Ledger’s new investors are Vayner Fund, Cite Gestion SPV, True Global Ventures, and Digital Finance Group. Ledger is the best-known hardware wallet company, and it is continuing its strategy of growth and expansion. Yesterday it announced a new Series C financing round, through which the company wants to raise 100 million euros, or about $108 million.
Ledger raises €100 Million
Crypto-based Ledger Raises €100 Million Euros Through Series C Funding: Ledger, a hardware wallet provider, has secured 100 million euros through a Series C funding extension, which increased its valuation to 1.3 billion euros ($1.4 billion). It’s believed that the funding is first of three investment rounds, as stated by Coin telegraph.
Based on information by Coin telegraph, Pascal Gauthier, CEO, Ledger, highlighted that collapse of crypto exchanges and banks recently has increased consciousness around crypto self-custody. “Whenever the market gets stressed and whenever people fear for their savings, you know, they rush to crypto and to Ledger,” Gauthier added.
Moreover, Coin telegraph noted that revenue from Ledger Live’s buy-and-sell crypto application has seen a 200% increase in the previous one year. The platform claimed to keep 20% of crypto assets in circulation and 30% of non-fungible tokens (NFTs) in supply.
The statements of the CEO of Ledger Wallet
Crypto-based Ledger Raises €100 Million Euros Through Series C Funding: The announcement was accompanied with a post by the company’s president and CEO, Pascal Gauthier, who revealed the company’s ambitions.
Gauthier expressed thanks for the support of Ledgers long-term investors and said the new funds will be used to accelerate the company’s mission of bringing a new generation of secure devices to hundreds of millions of people.
The idea therefore is precisely to further develop Ledger’s range of products, and in particular those related to the secure storage of cryptocurrencies.
After all, Ledger is a global leader in this field, but in recent years several competitors have emerged or become more competitive, primarily Trezor.
In fact, after the failure of FTX, many cryptocurrency holders reflected on the real convenience of leaving the custody of their funds to a third party, leading to a growing demand for non-custodial wallets.
Since hardware wallets are generally considered the most secure, a highway may have opened up for Ledger and other producers.