Ledger, a hardware wallet provider, has secured 100 million euros through a Series C funding extension, which increased its valuation to 1.3 billion euros ($1.4 billion). It’s believed that the funding is first of three investment rounds, as stated by Cointelegraph.
According to Cointelegraph, the second closing is expected to happen in April, 2023, along with the third round at a later period. Sources suggest that the funds will be processed towards enhancing the company’s distribution channel, increasing production, and creating new features. Reportedly, Ledger’s new investors are VaynerFund, Cite Gestion SPV, True Global Ventures, and Digital Finance Group.
Based on information by Cointelegraph, Pascal Gauthier, CEO, Ledger, highlighted that collapse of crypto exchanges and banks recently has increased consciousness around crypto self-custody. “Whenever the market gets stressed and whenever people fear for their savings, you know, they rush to crypto and to Ledger,” Gauthier added.
Moreover, Cointelegraph noted that revenue from Ledger Live’s buy-and-sell crypto application has seen a 200% increase in the previous one year. The platform claimed to keep 20% of crypto assets in circulation and 30% of non-fungible tokens (NFTs) in supply.
(With insights from Cointelegraph)
