Ledger raised $380M last year led by 10T holdings.
With current investing, they want to cross last year’s valuation.
Ledger, the leading platform for producing hardware used to secure digital assets, has planned to invest at least $100M to expand its business. The company received a valuation of approximately $1.5 billion after raising $380 million in the Series C finance round last year, which was led by 10T Holdings. With this current round of funding, it was anticipated that they would exceed that valuation.
Despite the recent beginning of depressed conditions in the cryptocurrency market, Ledger’s plans indicate that there remain sectors of the market where the immediate future is positive, such as in hardware wallets.
A larger number of users may be considering securing their cryptocurrency on a hardware wallet themselves as a result of cryptocurrency companies like exchanges being plagued by liquidity issues that force them to take actions like halting consumer withdrawals. When someone keeps their cryptocurrency on an exchange, the phrase “Not your keys, not your coins” is frequently used as a warning.
According to its website, Ledger, which launched in 2014, has sold around 3 million hardware wallets that enable users to store their cryptocurrency. It employs more than 300 people in Paris and several other places. The company has been working to establish itself as a more well-known consumer brand and provides a variety of crypto-related services in addition to wallets. Most recently, on Monday, Ledger announced the creation of a nonfungible token store that will provide NFT collections from well-known businesses and artists.