Crypto wallet Ledger has raised $108 million in a series C funding round, bringing its total valuation to nearly $1.4 billion.
Crypto Wallet Ledger Raises $108M
Ledger, a company that produces USB device crypto wallets to safely store crypto assets, received its first investment in 2021. The company first made waves with an initial investment of 385 million dollars. Now the crypto wallet ledger is raising 108 million dollars. Although the funding raised is huge, this is not a surprising amount for Ledger.
In the series C round, old investors such as 10T, Cité Gestion Private Bank, Cap Horn, Morgan Creek, Cathay Innovation, Korelya Capital, and Molten Ventures funding again, while True Global Ventures, Digital Finance Group, and VaynerFund were among the company’s new investors. The funding will be used to expand the company’s production network and create new products. Ledger CEO Pascal Gauthier said:
“Suddenly people were like ‘wow, to leave crypto on an exchange is actually dangerous. And 2023 is even better for us because now you can’t even leave money at a Swiss bank.”
Crypto Wallet Ledger
Ledger is a crypto wallet manufacturer that produces USB-like devices for securely storing crypto assets. Such wallets are also referred to as cold wallets, as the devices are not connected to the internet.
When users want to make a transfer, they need to verify the transaction with predefined private keys. When the crypto wallet is first opened, users are asked to create a 24-word recovery phrase. Users must store these 24-word codes in a secure location.
Impact of the FTX Collapse
Ledger has sold more than 6 million crypto wallet devices since its inception. Following the FTX fiasco, many users found that their crypto assets were not entirely safe on crypto exchanges. This is one of the biggest factors pushing users to cold wallet storage.
After the collapse of the crypto exchange FTX, Ledger’s device sales increased by more than 200%. The company has sold an additional 1 million devices since June 2022, securing more than 20% of cryptocurrencies and 30% of NFTs worldwide.
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