Paris-based Ledger, which makes a crypto hardware wallet, is in talks to raise at least $100 million that will give it a valuation higher than the $1.5 billion it received in June 2021, according to Bloomberg.
The report comes amidst a rocky time for crypto startups. According to Crunchbase numbers, investment in VC-backed crypto companies slowed during the first half of this year. The sector saw a record $12.5 billion invested during last year’s first half compared to about $9.3 billion invested through the first six months of this year.
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On top of that, a sluggish economy has helped push crypto prices down since the highs it hit in November. Even after a bit of a rally the last few weeks, Bitcoin—the largest cryptocurrency by market cap—is still down more than 50% since the beginning of the year
However, Ledger may play in a part of the market that is still attractive to investors. The company makes hardware wallets for crypto—also called “cold” wallets because they are offline and therefore less susceptible to hackers and theft.
Such wallets could prove popular as other platforms to store crypto have run into trouble. The bankruptcies of Voyager Digital and lender Celsius Network have tied up users’ assets on those platforms—with some facing the likelihood they will never see their cryptocurrency again.
Founded in 2014, Ledger has raised $468 million to date, according to Crunchbase. The company last raised a $380 million Series C in June 2021 led by 10T Holdings.
Illustration: Dom Guzman
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