Key Takeaways
- Ledger’s new investors include VaynerFund, Cité Gestion SPV, True Global Ventures, and Digital Finance Group.
- Two more rounds of Funding are due in 2023
- The funds will be used to create a new generation of devices built with safety in mind when managing digital assets and other products using blockchain technology.
Leading crypto wallet provider, Ledger, has announced the successful closure of its Series C extension fundraising round, raising $109 million to optimize and expand wallet production. With this Funding, the hardware wallet manufacturer’s valuation stands at $1.4 Billion.
Commenting on the development, Ledger Chairman and Chief Executive Officer Pascal Gauthier stated that he is grateful for the firm’s long-term investors’ support and welcomes the new ones “backing the undeniable revolution of value and hardware.”
He added that the funds would catalyze a new generation of devices built with safety in mind when managing digital assets and other products using blockchain technology.
“These funds will accelerate our mission to bring a new generation of secure consumer devices to hundreds of millions exploring critical digital assets and blockchain-enabled technology,” Gauthier added.
He further stated that despite the various challenges facing the digital asset industry, Ledger remains a “safe haven for customers,” particularly in periods of volatility and regulatory confusion.
The company’s new investors include VaynerFund, Cité Gestion SPV, True Global Ventures, and Digital Finance Group. Ledger’s past investors were Morgan Creek, Cathay Innovation, Draper Dragon, and Cap Horn, among others.
Reportedly, a second closing of the Funding is due in April, followed by a third funding to take place at a later date, owing to “high investor interest. Despite regulatory pressures and market volatility in the digital asset sector, Ledger has had a good run in the past few months. Ledger was among the several hardware wallet manufacturers positively impacted by the FTX demise in November.
The sale of storage devices spiked as the FTX implosion triggered people to opt for more offline crypto self-custody options. Reportedly, revenue from Ledger Live’s buy-and-sell crypto app has grown a staggering 200% in the past 12 months.
As part of its expansion efforts, Ledger recently announced its seventh crypto wallet in collaboration with Tony Fadell, the creator of the original iPod.The product, called the Ledger Stax, is set to go on sale soon for around $279.
