Crypto Venture

Ledger Locks In $108M To Lock Up Crypto

Illustration of unicorn wearing a Bitcoin necklace

Ledger has added another $108 million to its previously announced Series C to help people keep their crypto safe.

The France-based crypto hardware maker raised its initial Series C of $380 million in June 2021. The extension was done at the same valuation — about $1.4 billion — when taking into account currency conversion.

The round includes existing investors Molten Ventures, 10T, Cité Gestion Private Bank, Cap Horn, Morgan Creek, Cathay Innovation, Korelya Capital and new investors with True Global Ventures, Digital Finance Group and VaynerFund.

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Ledger’s main products are cold hardware wallets for digital assets, allowing the owner to have full custody and security over their assets.

The company currently says it secures more than 20% of the world’s cryptocurrencies and more than 30% of NFTs.

Founded in 2014, Ledger has raised $468 million, per Crunchbase.

“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,” said Pascal Gauthier, CEO and chairman, in a blog.

“As you know, 2022 was a trying year for the crypto industry, including the collapse of significant crypto exchanges and shifting macroeconomic conditions,” he added.

Crypto funding

Ledger was able to raise despite a very unfavorable funding environment in crypto currently.

While crypto prices are on the rise, the dramatic collapse of FTX still hangs over the entire sector with several other lenders and exchanges having their own problems and issues.

Crypto funding for the current — almost over — first quarter is at a low ebb. So far, the quarter has seen less than $1 billion invested into VC-backed crypto startups in only 174 deals, per Crunchbase data.

Compare that to last year at the same time when $6 billion of venture capital rolled to crypto startups in 426 deals.

It seems unlikely any quarter this year will match that.

Illustration: Dom Guzman

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