Ledger raises $100 million amid rising interest in secure storage options

Ledger claims that more than 20% of the world’s cryptocurrencies and more than 30% of NFTs have been protected using its physical crypto infrastructure devices, which it has sold more than six million of despite the current instability in the crypto sector.

Ledger to Increase Distribution, Production, and R&D

Ledger, the manufacturer of crypto hardware wallets, has disclosed it collected €100 million ($109 million) from investors, according to a story published by Bloomberg on Thursday. The capital raise takes place at a time when cryptocurrency businesses have been going bankrupt and firing sizable chunks of their workforces. According to Ledger CEO Pascal Gauthier, the firm will use the infusion of funds to increase distribution, production, and research & development.

Gauthier added that in 2022, individuals started to realize how dangerous it may be to leave money on controlled cryptocurrency platforms. The CEO also emphasized that owing to recent bank failures, consumers in the conventional finance industry are finding it difficult to trust financial institutions. According to Gauthier, “people were all of a sudden like, ‘wow, to leave crypto on an exchange is truly harmful. And because you can no longer even leave money in a Swiss bank, 2023 will be much better for us.

The investment in Ledger comes after the business unveiled the Ledger Stax, a new cryptocurrency hardware wallet created by Tony Fadell, the man behind the iPod. Also, the announcement comes after the introduction of the new hardware wallet from 1 inch and the more expensive Coldcard gadget from Coinkite. Trezor, a hardware wallet rival, also disclosed last month that it was taking over the fabrication of its chips.

Ledger is reportedly worth $1.4 billion

Ledger was valued at 1.3 billion euros (about $1.4 billion) in the most recent fundraising, which is the same amount it was given in June 2021 at a previous round.

With $380 million invested in that previous round, the company said it would eventually own 15% of all global digital currency holdings.

Gauthier predicted in his essay that the “Internet of Value” will change how individuals use the internet, and own, and manage assets.

Gauthier mentioned the business’s most recent product, Ledger Stax, as an illustration of how Ledger would cater to this industry.

As we approach this new century, Gauthier said in the piece, “the smartphone in your pocket and the laptop on your desk lack key security qualities.” “These gadgets were not designed to possess and sell assets in a decentralized Internet of Value, but rather to generate and distribute content in a centralized Internet of Information. My argument is simple: To explore this new chapter, you need new hardware.”