Crypto wallet startup Ledger raises additional $108M in funding to secure your crypto and NFT assets
With the recent collapse of high-profile crypto exchanges like FTX, the race among crypto investors to secure critical digital assets is growing fiercer by the day. While some crypto exchanges have introduced measures such as “proof-of-reserves” to reassure jittery customers, crypto investors are leaving exchanges in droves, hoping to find a safe place to save their holdings.
The demand has set off a boom for makers of the so-called hardware wallets like the France-based wallet and custody startup Ledger, which helps investors store and secure important crypto and NFT assets.
To further meet the increasing demand from self-custodians, Ledger announced today it has raised $108 million as part of its Series C funding round in addition to the €356 million ($385 million today’s money) raised two years ago while maintaining the same valuation of €1.3 billion ($1.41 billion at today’s exchange rate).
The round was backed by new investors including True Global Ventures, Digital Finance Group, and VaynerFund. Existing investors include 10T, Cité Gestion Private Bank, Cap Horn, Morgan Creek, Cathay Innovation, Korelya Capital, and Molten Ventures also participated in the round.
In a statement, Ledger Chairman and CEO Pascal Gauthier said: “Today, Ledger announced our funding round. I’m grateful for our long-term investors’ continued support, and I welcome the new investors backing the current undeniable revolution of value and hardware. 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.”
The funding announcement comes just three months after Ledger debuted its new hardware crypto wallet to let crypto holders store their cryptocurrency offline. Called Ledger Stax, the credit card-sized crypto wallet was designed by Tony Fadell, a well-known Silicon Valley executive known as the father of the iPod.
Founded in 2014, Ledger is the global platform for digital assets and Web3. Over 15% of the world’s crypto assets are secured through Ledger Nanos. Headquartered in Paris and Vierzon, with offices in London, New York, and Singapore, Ledger has a team of more than 500 professionals developing a variety of products and services to enable individuals and companies to securely buy, store, swap, grow, and manage crypto assets – including the Ledger hardware wallets line with more than 5 million units already sold in 180 countries.