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



In short

  • 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 a press release.

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—inserting 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.

Present buyers, together with Draper Associates and Digital Foreign money Group, additionally participated within the spherical, with a lot of new backers, comparable to Tekne Capital and Uphold Ventures, becoming a member of the checklist.

Based on the corporate’s CEO Pascal Gauthier, Ledger seeks to develop into a “safe gateway to the whole digital asset ecosystem”. The contemporary funds will probably be used for creating new merchandise, together with decentralized finance (DeFi) options that will probably be accessible on Ledger Reside.

Ledger is greatest identified 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 bought greater than 3 million {hardware} wallets worldwide, with about 15% of all digital property being secured by its methods, together with Ledger Reside, a cryptocurrency administration software.

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

Ledger might dominate the {hardware} pockets market, nevertheless it’s dealing with elevated competitors; Twitter CEO Jack Dorsey not too long ago revealed that his crypto firm Sq. may 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 Reside app and no person funds had been stolen, it resulted in a category motion lawsuit in opposition to the corporate.

 



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