Ledger raises $109m in funding
- The company claims it now holds 20% of the world's cryptocurrencies and 30% of NFTs
- Demand for hardware wallets has increased significantly
Ledger, a cryptocurrency hardware wallet company, has raised $109m in Series A funding in an expanded round. 10T Fund, True Global Ventures, VaynerFund, DFG Capital, Cathay Innovation, Morgan Creek Digital and CapHorn participated in the funding round. The company's valuation has not changed since that round, with the firm also valued at $1.4bn.
2022 proved to be a difficult year for the cryptocurrency sector due to a series of bankruptcies. The collapse of FTX, Terra and numerous hacks forced users to look for alternative methods of storing their crypto assets. This has led to a sharp outflow of funds from centralised exchanges and a rise in popularity for hardware wallets.
Ledger spokesperson Pascal Gauthier said:
«Suddenly people realised: "Wow, leaving cryptocurrency in an exchange is really dangerous". And 2023 is even better for us, because now you can't even leave money in a Swiss bank».
Gauthier also spoke about the use of the funds. He said that the company would use them to develop its business and would expand its network of distributors, increase production and improve its products.
«November was our best month, we set daily records for a whole week after the FTX crash. Compared to last year, Ledger revenues are up 200%», — said Pascal Gauthier.
This was only the first round in the expanded Series A. The next one should take place in mid-April, and the third depends on demand for Ledger products.