Ledger raises $380 million for its crypto hardware wallet – TechCrunch

Ledger raises $380 million for its crypto hardware wallet – ClearTips

French startup Ledger has raised a Series C funding round of $380 million led by 10T Holdings. Following today’s funding round, the company has reached a valuation of $1.5 billion.

Other investors in the funding round include existing investors Cathay Innovation, Draper Associates, Draper Dragon, Draper Esprit, DCG, Korelia Capital and Wicklow Capital. Some of the new investors joining the round are Techne Capital, Uphold Ventures, Felix Capital, Inherent, Financier Agache and iAngels Technologies.

Ledger’s main product is a hardware wallet to manage your crypto assets. They are the size of USB keys and feature a small screen for verifying transactions on the device. The reason that screen is important is because your private keys never leave your laser device.

In other words, if you want to store large amounts of cryptocurrencies, you don’t want to leave them on an exchange account. If someone manages to sign in, they can take back all your crypto assets. With a hardware wallet, you remain in control of your crypto assets.

The company first launched the Ledger Nano S. You will need to connect the device to the computer using a USB cable. Recently, with the Ledger Nano X, you can send and receive assets from your phone as the Nano X works over Bluetooth. Ledger also offers an enterprise solution for companies looking to add cryptocurrency to their balance sheets.

In total, Ledger has sold over 3 million hardware wallets. Every month, 1.5 million people use Ledger Live, the company’s software solution, to manage your crypto assets. The company even says that it currently holds about 15% of all crypto assets globally.

It hasn’t been an easy ride as the company has been around for seven years. After the crypto boom of 2018, the interest for hardware wallets faded. In addition, as the company acquires expensive assets, it has also faced a serious data breach – 272,000 customers were affected.

With today’s funding round, the company plans to launch new products, add more DeFi features to Ledger Live, and support the growth of the crypto ecosystem in general.

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