Ledger has announced that it raised $380 million in its most recent Series C funding. The funding will be deployed in the innovation of new products and improvement of enterprise capabilities.
Paris-based hardware wallet company, Ledger has announced that it closed its most recent Series C funding with $380 million. This was revealed in a press statement that was released Thursday, June 10, 2021. 10T Holdings fund led the investment round.
Recall that popular macro investor, Dan Tapiero, had in January established the 10T Fund, with an investment fund of about $200 million, to invest in late-stage companies within the digital asset ecosystem. Tapiero believes the firm is rightly positioned to become one of a few dominant firms in the cryptocurrency ecosystem in a few years hence the funding.
The company also gathered support from companies including Cathay Innovation, Digital Currency Group (DCG), Felix Capital, Groupe Arnault, and Uphold Ventures, to name a few.
The Journey to Ledger’s Series C Funding
Ledger is one of the world’s most renowned manufacturer of hardware wallets, having sold over 3 million wallets to individuals in about 190 nations. The company estimates that it safeguards up to 15% of the world’s crypto. Their hardware allows the owners of digital assets to keep their private wallet keys securely. Through its mobile app, the company also allows users to trade and stake their crypto assets.
Established in 2013, Ledger had in its Series A and Series B funding drives raised $8.3 million and $75 million, respectively. With the $380 million raised in the Series C funding, Ledger officially has one of the highest venture capital funding in the cryptocurrency ecosystem. It also means the company’s implied market valuation is now about $1.5 billion.
Speaking about the fresh development, the Chairman and CEO of Ledger, Pascal Gauthier stated that the corporation’s actual target was to achieve a $100 billion valuation because of the expansive potentials of the market they’re in. While speaking to the Block, he stated, “Comparing bitcoin to gold is fun, but this market is going to be the whole value in the world going onto blockchain at one point…” He expressed his belief that Ledger can become the safe gateway to Web 3, the decentralized web that runs parallel to regular internet.
The funds raised from Series C will be directed toward the innovation of more products. Also, the company plans to invest in an upgrade of its Operating System as she looks to expand her enterprise capabilities as it has done in the past. The company also has international expansion within its sights as it looks to tailor its services even to reach non-English-speaking audiences.
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