Crypto Security in the Spotlight: Ledger Raises $108M as Hardware Wallets Gain Traction

Crypto Security in the Spotlight: Ledger Raises $108M as Hardware Wallets Gain Traction

Table of Content

In this article, we’ll look at the reasons behind the growing popularity of hardware wallets and Ledger’s recent funding announcement, along with key takeaways from the company’s expansion and partnerships.

Key Takeaways:

  • Ledger has secured an additional $108 million in extended Series C funding, bringing its total valuation to $1.41 billion.
  • The increasing demand for hardware wallets is driven by the need for enhanced security in the face of mounting cyber threats in the crypto space.
  • Ledger plans to use the new funding to expand its distributor network, boost production, and develop its product offerings.
  • The company has formed partnerships with other crypto wallet providers, such as Trust Wallet, to enhance security features.
  • Ledger is also exploring the NFT market, having launched its secure NFT marketplace, Ledger Market.
  • Ledger Stax, the company’s latest security hardware device, is designed for improved user experience and ease of use.

Ledger’s Extended Series C Funding: The Details

French crypto hard wallet company Ledger recently announced an additional €100 million ($108 million) in extended Series C funding. 

The fundraising will be carried out in three tranches, with the first tranche closed before the public announcement. 

This comes after the company raised €356 million ($385 million) in 2021 at a valuation of €1.3 billion ($1.41 billion), which remains unchanged in the extended round.

The Appeal of Hardware Wallets in a Risky Crypto Landscape

As cyber threats continue to plague the crypto industry, hardware wallets like those offered by Ledger have gained popularity. 

These devices store wallet private keys offline, protecting trader assets in case of a platform breach. Ledger’s CEO, Pascal Gauthier, emphasizes the risks of using digital wallets to hold crypto assets, citing the recent hacks of prominent crypto companies like Axie Infinity and the collapse of FTX.

Expansion Plans and New Partnerships

Ledger aims to use the fresh funding to expand its network of distributors, increase production, and develop its products. 

The growing interest in hardware wallets is evident in the company’s expanding list of partners. 

Trust Wallet, an internet-based crypto wallet service provider, recently integrated Ledger to enhance the security of its web extension.

Ledger’s Foray into the NFT Marketplace

In June 2021, Ledger launched its NFT marketplace, Ledger Market, focusing on providing a secure and transparent trading experience for NFT enthusiasts.

A Glimpse at Ledger’s New Security Hardware Device

In December, Ledger unveiled Ledger Stax, a new security hardware device designed by iPod creator Tony Fadell. 

The credit card-sized device is equipped with magnets, allowing for easy stacking and enabling users to view transaction details conveniently.

Conclusion:

As cyber threats continue to cast a shadow over the crypto landscape, Ledger’s hardware wallets offer a secure alternative for traders looking to protect their assets. 

With the recent $108 million in extended Series C funding, Ledger is poised to capitalize on the growing demand for its products, expand its reach, and explore new opportunities in the rapidly evolving world of digital assets.

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Written by

Alexander Sterling

Alexander Sterling

Alexander Sterling is a renowned financial writer with over 10 years in the finance sector. With a strong economics background, he simplifies complex financial topics for a wide audience. Alexander contributes to top financial platforms and is working on his first book to promote financial independence.

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Judith

Judith

Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.