French cryptocurrency security firm Ledger has announced it has closed an extension of its Series C funding round reeling in €100m ($108m) from investors, according to a TechCrunch report. This adds to the company’s approximate $385m raised in 2021.
Cold Money is Here
The funding values the company at its previous valuation of €1.3bn ($1.41bn). This is a considerable achievement given the current funding environment. Some new investors that participated in the funding round included VaynerFund, Digital Finance Group, and True Global Ventures.
Ledger specializes in developing and manufacturing secure hardware wallets designed to protect cryptocurrencies from hackers. The wallet’s private key remains on the device, providing a secure chip-certified design, plus users have to confirm transactions on the small device as an additional layer of security before it sends the cryptocurrency.
Ledger’s primary revenue source is its hardware wallet products, which make up 20% of cryptocurrencies and 30% of non-fungible tokens (NFTs) globally.
The company provides enterprise solutions that offer governance and treasury management features and DeFi and NFT management features. Additionally, it offers staking opportunities and integration with third-party products through its Ledger Live app.
In 2014, Ledger was founded and has sold an estimated six million devices since then. The company is continuing to enjoy success as there is a need for safer cyber-asset holders, and Ledger is providing an increasingly popular secure option for their storage.
In conclusion, as cryptocurrencies have become more mainstream, so too needs to ensure their security. Cold wallets offer a higher level of protection, with a private key that stays on the device, and transaction confirmation required. Cold wallets are widely considered the most secure way to store cryptocurrency, and Ledger is at the forefront of this technology with its hardware wallet products.
With more investors showing interest in the sector, there is the potential for healthy competition among various providers offering secure storage solutions for cryptocurrencies.
With continued investment in the likes of Ledger and other hardware wallet providers, the market for cold storage solutions is set to expand, providing users with greater choice and improved security for their cryptocurrencies.
