• Ledger, a crypto hardware wallet maker, has raised most of a $109 million funding round at a valuation of $1.4 billion.
• This comes in response to the collapse of centralized crypto exchange FTX and the U.S. Commodity Futures Trading Commission’s lawsuit against competitor Binance.
• Ledger’s products allow users to store their assets securely in physical locations rather than relying on third-party services.
Ledger Raises Most of $109M Funding Round
FinanceCrypto hardware wallet maker Ledger has raised most of a 100 million euros ($109 million) funding round at a valuation of 1.3 billion euros ($1.4 billion), the company told Bloomberg. Media outlets first reported on a potential new round last August, which was confirmed today by the company itself.
Reasons Behind The Raise
The collapse of centralized crypto exchange FTX and the U.S. Commodity Futures Trading Commission lawsuit against competitor Binance have made many digital-asset owners wary of leaving their tokens in the hands of others, leading to an increased demand for secure storage solutions such as those provided by Ledger.
What does Ledger Provide?
Ledger provides users with hardware products which allow them to store their assets in a secure, physical location rather than relying on third-party services or exchanges which may not always be reliable or trustworthy.
Statement From CEO Pascal Gauthier
Ledger CEO Pascal Gauthier addressed this Series C extension round in a post stating: “As you know, 2022 was a trying year for the crypto industry, including the collapse of significant crypto exchanges and shifting macroeconomic conditions…In this tough environment, Ledger has consistently shown strong resilience and growing adoption for the hardware and services parts of our business.”
Conclusion
This new funding round is indicative of both increased demand from consumers for secure storage solutions as well as confidence from investors in Ledger’s ability to continue providing these products within an ever-changing regulatory landscape.