Ledger raises $380 million
Ledger, the manufacturer of the famous hardware wallet, has just closed a $380 million funding round.
With this collection, the company’s total value is estimated at over $1.5 billion, making it the world’s largest hardware wallet company, and one of the few unicorns in this industry.
The Series C round was led by 10T Holdings, along with Cathay Innovation, Draper Associates, Draper Dragon, Draper Esprit, DCG and Wicklow Capital, Tekne Capital, Uphold Ventures, Felix Capital, Inherent, Financière Agache (Groupe Arnault) and iAngels Technologies.
Ledger claims that its devices protect the private keys of wallets on which a total of around 15% of all cryptocurrencies and tokens globally are stored, by market value, and that it has sold more than 3 million devices in 190 countries to date, with more than 1.5 million monthly users on Ledger Live.
The implications of Ledger’s investments
With the new investment round, the company wants to extend its leadership position in its sector.
It intends to further innovate its hardware products, add new transactional services through Ledger Live, such as decentralized finance solutions, and significantly expand its business capabilities.
It will also invest in its proprietary operating system, so that it can support the integration of new third-party services.
Ledger CEO Pascal Gauthier said:
“This Series C announcement marks the transition of Ledger from the leading digital asset security company to becoming the secure gateway to the entire digital asset ecosystem. This industry is fast becoming mainstream and reshaping the entire financial sector and beyond. Our products are designed to give users maximum control over their digital assets and provide unparalleled protection against cyber-attacks. We are well-positioned to become the secure gateway to the digital asset world with the potential to integrate our services into nearly every feature of the digital asset ecosystem”.
10T Holdings founder and CEO Dan Tapiero added:
“10T is thrilled to lead this Series C round for Ledger. We believe Ledger is the premier security company and premier brand name in the cryptocurrency/blockchain space. We see a tremendous future for its new lines of business and expect it to become one the very few dominant firms in the ecosystem. On a personal note, I am also thrilled to announce that I will be joining the board of Ledger so that I can help Ledger in the next phase of its exciting journey”.
Tim Draper, founder of Draper, also released a statement on the matter. He said:
“The Ledger brand stands for trust and freedom. They are the trusted third party that used to be a bank, but Ledger allows people the freedom to directly hold, save, control, invest or spend their digital money anywhere on the planet (or off it). I believe Ledger technology is the foundation for any crypto security strategy and custody”.