Ledger Closes $380 Million Funding Spherical | Crypto Briefing

Key Takeaways

  • Ledger has raised $380 million within the newest sequence C funding spherical, placing the corporate’s valuation at $1.5 billion.
  • The funds will probably be used to broaden its decentralized finance options, {hardware} merchandise, and construct an working system.
  • The elevate comes after final 12 months’s large information breach affecting hundreds of Ledger customers.

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{Hardware} pockets supplier Ledger has raised $380 million in a Collection C funding spherical led by 10T Holdings. The spherical offers the crypto agency a unicorn valuation.

Ledger Achieves Unicorn Standing

Ledger, the corporate behind a well-liked vary of cryptocurrency {hardware} wallets, has raised $380 million in a Collection C funding spherical at a valuation of $1.5 billion.

The funding spherical was led by 10T Holdings, a progress fairness fund steered by world macro investor Dan Tapiero, who additionally joins Ledger’s board. Different traders who participated within the spherical embody Cathay Innovation, Draper Associates, Digital Foreign money Group (DCG), Wicklow Capital, and others.

The most recent funding spherical marks a big leap from the corporate’s earlier raises. In Mar. 2017, the corporate raised $8 million, then secured one other $75 million the next 12 months.

The corporate says it’s going to use the newly-raised funds to broaden its ecosystem and construct revolutionary merchandise for the crypto market. This consists of providing new DeFi options throughout the Ledger Reside software, making a proprietary working system for third-party integrations, and launching a brand new vary of {hardware} merchandise focused at each retail and institutional shoppers. Pascal Gauthier, Chairman and CEO of the corporate described the corporate’s plans in a weblog publish:

“Our objective is to empower customers to purchase, promote, swap, borrow, and lend digital belongings via the Ledger Reside platform, which—when mixed with our {hardware}—gives best-in-class safety and a seamless consumer expertise. The outcomes of our Collection C spherical convey us one step nearer to this imaginative and prescient.”

Alongside Trezor, Ledger is likely one of the hottest cryptocurrency {hardware} wallets. In accordance with the corporate’s estimates, it has bought greater than 3 million {hardware} wallets in 190 international locations since 2014. Such wallets are thought of safer than internet or cell wallets because the personal keys are saved inside a {hardware} layer.

Apart from {hardware}, the corporate additionally gives software program merchandise like Ledger Reside, a web-based supervisor for its functions, and Ledger Vault, a cloud-based resolution for enterprises. Key DeFi instruments like DeversiFi and MetaMask additionally provide integration for Ledger units.

In a press launch, Ledger revealed that the funding spherical was oversubscribed. That means many traders have full confidence within the firm regardless of final 12 months’s large information breach.

In Dec. 2020, it was revealed that because of the staff’s negligence in operational safety, hackers have been in a position to steal the private particulars of 250,000 prospects, together with names, telephone numbers, emails, and residential addresses from the corporate’s e-commerce database.

The breach was a serious setback for the corporate. Many shoppers misplaced their funds in phishing assaults following the incident, and others have been threatened by potential attackers. Nonetheless, with $380 million secured, the corporate shouldn’t have an excessive amount of hassle executing its plans to dominate the {hardware} pockets marketplace for the foreseeable future.

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