French cryptocurrency hardware wallet maker, Ledger, has announced that it has raised most of a €100 million ($109 million) funding round at a valuation of €1.3 billion ($1.4 billion), according to a report from Bloomberg. This comes after media outlets first reported on a potential new round in August of last year. The company’s valuation remains relatively unchanged from its previous funding round in June of 2021.
In light of the collapse of centralized crypto exchange FTX and the US Commodity Futures Trading Commission lawsuit against competitor Binance, many digital asset owners have become wary of leaving their tokens in the hands of others. This has resulted in increased demand for Ledger’s hardware products, which allow users to securely store their assets in a physical location.
In a statement addressing the Series C extension round, Ledger CEO Pascal Gauthier acknowledged the challenges faced by the crypto industry in 2022 and praised the resilience of Ledger’s hardware and services business. “Since Ledger’s inception, we’ve seen the market go up and down, people question whether crypto should exist at all, but our commitment to blockchain innovation has been unwavering,” Gauthier said.
Ledger plans to have a second close for the funding round in mid-April, with a third potentially following depending on demand. The round saw participation from a number of returning backers, including 10T, CapHorn Invest, Morgan Creek Capital, and Cathay Innovation, as well as new investors like True Global Ventures, Cite Gestion SPV, Digital Finance Group, and VaynerFund.
Despite the tumultuous year that the crypto industry has experienced, Ledger’s consistent growth and adoption of its hardware and services have proven to be a boon to the company. Its commitment to blockchain innovation and secure storage solutions has allowed it to maintain a strong position in the market, with investors continuing to demonstrate confidence in its potential for success.