Crypto wallet Ledger raises $109M as demand for self-custody soars

Hardware wallet provider Ledger has raised €100 million ($109 million) in an extension to its Series C funding round, at a valuation of €1.3 billion ($1.3 billion), the same as its previous funding in June 2021. $1.4 billion), Bloomberg report This funding is the first of three investment rounds.

A second closing is scheduled for April, and a third round of funding is expected at a later date, according to the report, given “high investor interest.” The funds will be used to expand the company’s distribution network, increase production and develop new products.

Ledger’s new investors include VaynerFund, Cité Gestion SPV, True Global Ventures, and Digital Finance Group. Previous investors include Morgan Creek, Cathay Innovation, Draper Dragon and Cap Horn.

Ledger is proud to announce its Series C expansion funding round.

We continue our mission to bring ease of use and uncompromising security to digital value.

Read our CEO @_pgauthier Must say:https://t.co/JSHyi5jKIQ pic.twitter.com/aGi2FhOXCs

— Ledger (@Ledger) March 30, 2023

In a recent interview with Cointelegraph at Paris Blockchain Week, Ledger CEO Pascal Gauthier explained that the collapse of cryptocurrency exchanges and banks in recent months has raised awareness of self-custody of cryptocurrencies. said there is. “Every time the market is stressed and people fear saving, they rush to cryptocurrencies and ledgers,” Gauthier said.

Related: How to keep cryptocurrencies safe after the collapse of FTX

Ledger reportedly posted record sales in November following the dramatic collapse of crypto exchange FTX. According to the company, revenue from Ledger Live’s cryptocurrency trading app has increased by 200% in the past 12 months. His Trezor, a hardware wallet provider, has also benefited from the failure of FTX, reporting that his turnover surged 300% as investors saved their money.

Ledger claims to store over 20% of the crypto assets in circulation and 30% of the non-fungible token supply. In a recent move, the company hired Tony Fadell, the builder of his iPhone, to design a new version of the hardware for his wallet.

Industry luminaries have also encouraged self-management of cryptocurrencies. “Self-control is a basic human right. Feel free to do so at any time. Binance CEO Changpeng Zhao advised investors in his November to start small and learn the craft.