Ledger, a software and hardware wallet provider for digital assets, is looking to launch novel products to add to its portfolio, which prompted it to raise $380 million via a Series C fundraising round. This is not the first time the wallet provider company is raising funds through a round. It had earlier done series A and B fundraising rounds. The company experienced a turnaround in its fortune in the first quarter of the year prompting it to hold this new round that was organized by 10T Holdings.
Ledger is the brain behind Ledger Nano S and Nano X hardware wallets for cryptocurrency. The fundraising gave the company a valuation of $1.5 billion with numerous investors gracing the fundraising event. Series B fundraising investors were also at the new event– Cathay Innovation, Draper Associates, Draper Dragon, Draper Esprit, DCG and Wicklow Capital. The new investors for the Series C event were Tekne Capital, Uphold Ventures, Felix Capital, Inherent, Financiere Agache (Groupe Arnault) and iAngels Technologies.
Ledger’s CEO Explains the Purpose for Fundraising
The Chief Executive Officer of Ledger, Pascal Gauthier promised that the Series C fundraising round will position the company from merely being a digital assets wallet provider to a reliable gateway to the whole cryptocurrency ecosystem. He further said that the industry is fast becoming accepted everywhere and transforming the whole finance system and even beyond. He said Ledger will use the money raised to add a range of new products to its portfolios including solutions on DeFi on the firm’s wallet program, Ledger Live. The firm will also be building on its Ledger Enterprise Solutions, a cloud-based service for crypto assets.
The social acceptance for crypto assets is becoming widespread as people are coming to terms with what they represent. Hence, the firm is expecting that more of its products will be used in storing digital assets and the total value of these assets will increase. The cryptocurrency wallet firm will be looking to broaden its horizon to emerging technologies in sectors such as NFTs, real estate and various digital ledger based solutions. The company is looking to add to its staff strength in order to keep up with the growing demand in the cryptocurrency space. During the first four months of the year, it saw its revenue shoot up by 500% owing to the massive uptrend in the crypto space.
The firm had suffered a data breach late last year prompting access to more than 270,000 clients’ personal details. The data breach also prompted access to about a million email addresses of their clients who had subscribed to the firm’s newsletter service. Hopefully, the $380M raised at the Series C fundraising would help the firm improve on their security and prevent a recurrence of last year’s security breach following the recent regulation spree pervading the crypto space. Tokenhell had reported that government regulators were clamping down on crypto exchanges and service providers to step up on their KYC/AML guidelines in order to protect their users.