Ledger Raises $109MM Due to Self-Custody Demand

According to a 30 March report by Bloomberg, Ledger, a provider of hardware wallets, has secured 100 million euros ($109 million) in an extension of its Series C funding round, which has set its valuation at 1.3 billion euros ($1.4 billion), consistent with its prior funding in June 2021. This funding round is the first of three planned investment rounds.

The report stated that a second closing is scheduled for April, followed by a third funding round at a later date due to the “high investor interest” in the company. The proceeds will be used to expand Ledger’s distribution network, ramp up production, and create new products.

Among the new investors in Ledger are VaynerFund, Cité Gestion SPV, True Global Ventures, and Digital Finance Group, while previous investors include Morgan Creek, Cathay Innovation, Draper Dragon, and Cap Horn, among others.

Following the significant collapse of crypto exchange FTX, Ledger experienced its highest sales month in November. Ledger Live’s buy-and-sell crypto app generated revenue that increased by 200% over the past year, according to the company. Likewise, Trezor, a hardware wallet provider, reported a 300% growth in sales revenue as investors rescued their funds due to FTX’s collapse.

Ledger claims to store over 20% of the circulating crypto assets and 30% of non-fungible tokens. The company has recently hired Tony Fadell, who developed the iPhone, to design a new version of its hardware wallet, named Ledger Stax.

Industry leaders have also urged investors to opt for crypto self-custody. In November, Binance CEO Changpeng Zhao emphasized the importance of self-custody as a fundamental human right. He advised investors to start with small investments and learn the technology to ensure they do it correctly.