crypto-economy.com
As per its recent announcement, Ledger has managed to raise funding of approximately $109 million against its valuation at a sum of $1.4 billion. The firm’s valuation remains pretty much the same in comparison to that in the previous round of funding in June 2021. On March 30, Ledger, the firm behind different hardware wallets like Nano S and Nano X, announced the closure of its Round C funding process. However, the funds raised would be used to greatly optimize and expand the production of crypto hardware wallets.
As a result of the impressive valuation, regardless of the mishaps in the crypto ecosystem, Ledger has managed to line up a considerable number of renowned investors. Some of these new investors include True Global Ventures, Digital Finance Group, and VaynerFund. At the same time, several already existing investors are investing in the firm once again.
The CEO of Ledger stated,
“Today, Ledger announced our funding round. I’m grateful for our long-term investors’ continued support, and I welcome the new investors backing the current undeniable revolution of value and hardware. These funds will accelerate our mission to bring a new generation of secure consumer devices to hundreds of millions exploring critical digital assets and blockchain-enabled technology.”
Ledger Aims to Continue its Growth Trajectory
Ledger specializes in the development of hardware wallets that are responsible for the provision of unmatched levels of security. The current devices of the firm are shaped like USB keys and also feature miniature screens that confirm transactions to a device. Hardware wallets can be classified as a secure way of storing crypto assets. The private key of a certain crypto wallet is stored on a certified secure chip. Similarly, the private key is also used to validate and confirm a certain transaction.
The regulatory activity in the crypto market has been on the rise for the last few weeks, and the banking sector, itself, is subject to great uncertainty. Despite these uncertain circumstances, Ledger aims to achieve new heights. Similarly, the firm currently safeguards a total of 20% of the world’s cryptocurrencies.
The CEO of Ledger also talked about the provision of strength necessary for the company’s growth.
He added,
“…we will continue to enhance your Ledger software experience by integrating new coins, blockchains, services and features into Ledger Live, and by providing ease-of-use to your Web3 experience.”
The funds collected will be used to distribute devices to people in the crypto world, and the money would also be used for the creation of devices powered by blockchain technology. However, the CEO assured that Ledger would continue to remain a safe haven for the masses. It will eventually help the digital asset industry to grow and stabilize in the longer run.