The world of cryptocurrencies is continually evolving, and the players in the industry must adapt to stay ahead. One of the key players in the cryptocurrency wallet industry, Ledger, recently announced the closure of its Series C funding round, raising a whopping $108.8 million. The funding will help accelerate the development of new secure consumer devices that can cater to the growing number of users exploring digital assets and blockchain-enabled technology.
Ledger is proud to announce our Series C extension fundraising round.— Ledger (@Ledger) March 30, 2023
We continue our mission of bringing ease-of-use and uncompromised security to your digital value.
Read what our CEO @_pgauthier has to say:https://t.co/JSHyi5jKIQ pic.twitter.com/aGi2FhOXCs
Ledger is based in Paris, and the Chairman and CEO, Pascal Gauthier, announced the latest funding round on Thursday. Both long-term investors and new investors participated in the funding round, although the CEO did not disclose the amount each investor contributed. However, according to reports, the company raised €100 million, equivalent to $108.8 million, with new investors including True Global Ventures, Digital Finance Group, and VaynerFund, while existing investors include 10T, Cité Gestion Private Bank, Cap Horn, Morgan Creek, Cathay Innovation, Korelya Capital, and Molten Ventures.
Ledger’s recent funding round comes despite the challenging funding environment that the industry is facing, prompted by regulatory and legal issues. However, the collapse of several major centralized companies has led many digital asset owners to seek safety in cold wallets. Gauthier noted in an interview with Bloomberg that people have come to realize that leaving crypto on an exchange is dangerous, and in 2023, even leaving money at a Swiss bank could be equally risky. As a result, Ledger has seen a surge in demand for its cold wallets.
The CEO also acknowledged the significant turmoil the crypto industry has experienced over the past year, including the collapse of major crypto exchanges and shifting macroeconomic conditions. However, he notes that the rise of the Internet of Value will reshape how billions of people own and manage their assets, redefining how we interact with the Internet, the role of intermediaries, the global economy, and every industry.
For this reason, a new generation of hardware is needed, which is why Ledger unveiled its Ledger Stax in December, designed by Tony Fadell, the co-inventor and designer of the iPod and iPhone. According to Gauthier, Ledger’s devices will allow users to manage an ever-expanding range of tokenized assets, including value, identity, data, stocks, and much more, enabling them to connect with complete ownership.
Ledger’s future plans include upgrading software, integrating new coins, blockchains, services, and features into Ledger Live, and enabling an increasing range of corporations to leverage digital value through its branch dedicated to businesses, Ledger Enterprise. The company plans to have a second close for the funding round in mid-April and a third due to high investor interest.
In conclusion, Ledger’s latest funding round is a testament to the growing demand for secure cryptocurrency wallets as the industry continues to evolve. The rise of the Internet of Value presents a significant opportunity for the industry, and companies like Ledger must continue to innovate to stay ahead of the curve. With the new funding, Ledger can accelerate the development of new secure consumer devices, which will help expand the use of cryptocurrencies and blockchain technology in the years to come.
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