Crypto Pockets Producer Ledger Hits Unicorn Standing After $380M Increase



Briefly

  • Crypto {hardware} pockets producer Ledger has raised $380 million in a Sequence C fundraising spherical.
  • The corporate’s implied valuation is now $1.5 billion, the corporate stated in an announcement.

French crypto {hardware} pockets producer Ledger has raised $380 million in a Sequence C fundraising spherical led by Dan Tapiero’s 10T Holdings.

Following the fundraising spherical, Ledger has an implied valuation of greater than $1.5 billion, the corporate stated in an announcement—putting it firmly over a billion-dollar “unicorn” valuation. Beforehand, Ledger raised $8.3 million in a Sequence A spherical in 2017 and $75 million in a Sequence B spherical in 2018, with the startup valued at $290 million in 2019.

Current buyers, together with Draper Associates and Digital Forex Group, additionally participated within the spherical, with various new backers, similar to Tekne Capital and Uphold Ventures, becoming a member of the listing.

Based on the corporate’s CEO Pascal Gauthier, Ledger seeks to turn into a “safe gateway to your complete digital asset ecosystem”. The recent funds will likely be used for growing new merchandise, together with decentralized finance (DeFi) options that will likely be out there on Ledger Dwell.

Ledger is greatest recognized for its Nano collection of cryptocurrency {hardware} wallets, which allow customers to retailer their non-public keys and maintain crypto offline. The corporate claims that so far it has offered greater than 3 million {hardware} wallets worldwide, with about 15% of all digital belongings being secured by its methods, together with Ledger Dwell, a cryptocurrency administration software.

One other space that Ledger is is the growth of capabilities for Ledger Enterprise Options, a cryptocurrency custody service for monetary establishments launched by the corporate in March this 12 months.

Ledger could dominate the {hardware} pockets market, nevertheless it’s going through elevated competitors; Twitter CEO Jack Dorsey lately revealed that his crypto firm Sq. might develop its personal—absolutely open supply—{hardware} pockets for Bitcoin.

The corporate has additionally confronted some hiccups during the last 12 months; in July 2020, the French startup confirmed that hackers had compromised about 1 million buyer emails and different private paperwork in a breach of its e-commerce database. Whereas the breach was unrelated to Ledger’s {hardware} wallets or Ledger Dwell app and no consumer funds had been stolen, it resulted in a category motion lawsuit towards the corporate.

 



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