Hardware wallet provider Ledger has raised 100 million euros ($109 million) in an extended Series C funding round at a valuation of 1.3 billion euros ($1.4 billion), Bloomberg reported on March 30. Financing is consistent. The funding is the first of three investment rounds.
According to the report, the second funding round is due in April, with a third funding round to follow at a later date, given “strong investor interest.” The funds will be used to expand the company's distribution network, increase production and develop new products.
New investors in Ledger include VaynerFund, Cité Gestion SPV, True Global Ventures and Digital Finance Group. Previous investors include Morgan Creek, Cathay Innovation, Draper Dragon and Cap Horn, among others. In a recent interview with Cointelegraph at Paris Blockchain Week, Ledger CEO Pascal Gauthier noted that the collapse of cryptocurrency exchanges and banks in recent months has raised awareness of cryptocurrency self-custody. “Whenever the market is stressed, whenever people worry about their savings, they flock to cryptocurrencies and Ledgers,” Gauthier noted.
Ledger reportedly had its best month for sales in November following the sharp collapse of cryptocurrency exchange FTX. Revenue from Ledger Live’s buying and selling cryptocurrency app has grown 200 percent over the past 12 months, according to the company. Hardware wallet provider Trezor also benefited from FTX’s failure, reporting a 300% surge in sales revenue as investors bailed out. Ledger claims to store over 20% of all circulating crypto assets and 30% of the non-fungible token supply. In a recent move, the company hired iPhone maker Tony Fadell to design a new version of its hardware wallet.
Prominent figures in the industry have also encouraged cryptocurrency self-custody. “Self-custody is a basic human right. You can do it anytime. Just make sure you do it right,” Binance CEO Changpeng Zhao said in November, advising investors to start small and learn the technology.
