• Crypto wallet provider Ledger raises $109M as demand for self-custody soars.
• Funding is the first of three rounds and will be used to expand, increase production and develop new products.
• High investor interest further signals increased awareness of crypto self-custody.
Ledger Raises $109M in Series C Extension Round
Crypto wallet provider Ledger has raised 100 million euros ($109 million) in a Series C funding round extension, placing its valuation at 1.3 billion euros ($1.4 billion). The funding is the first of three investment rounds, with high investor interest signaling increased awareness of crypto self-custody.
The capital will be used to expand the company’s distribution network, increase production, and develop new products. New investors include VaynerFund, Cité Gestion SPV, True Global Ventures and Digital Finance Group; previous investors include Morgan Creek, Cathay Innovation, Draper Dragon and Cap Horn among others.
Growing Awareness of Crypto Self-Custody
In a recent interview with Cointelegraph at Paris Blockchain Week, Ledger CEO Pascal Gauthier noted that the collapse of crypto exchanges and banks in recent months had raised the level of awareness about crypto self-custody: “Whenever the market gets stressed and whenever people fear for their savings, you know, they rush to crypto and to Ledger.”
Company Expansion Goals
Ledger plans to use this capital injection to expand its distribution network; increasing production capabilities; investing in research & development; hiring top talent; expanding into new markets; developing new products; furthering collaborations with leading financial institutions; building on its partnership with Secure Enclave technology leader Thales Group ;and more.
This latest round of financing signals continued growth for Ledger as demand for secure storage options increases due to heightened user appetite for digital asset custody solutions and improved security features provided by hardware wallets such as those offered by Ledger.