Crypto wallet Ledger raises $109M as demand for self-custody soars

Hardware wallet supplier Ledger has raised 100 cardinal euros ($109 million) successful a Series C backing circular extension, placing its valuation astatine 1.3 cardinal euros ($1.4 billion), successful enactment with its erstwhile backing successful June 2021, Bloomberg reported connected March 30. The backing is the archetypal of 3 concern rounds. 

As per the report, a 2nd closing is owed successful April, followed by a 3rd backing to instrumentality spot astatine a aboriginal date, fixed "high capitalist interest." The superior volition beryllium utilized to grow the company's organisation network, summation production, and make caller products.

Ledger's caller investors see VaynerFund, Cité Gestion SPV, True Global Ventures, and Digital Finance Group. Previous investors see Morgan Creek, Cathay Innovation, Draper Dragon, Cap Horn, among others.

In a caller interrogation with Cointelegraph astatine Paris Blockchain Week, Ledger CEO Pascal Gauthier noted that the illness of crypto exchanges and banks successful caller months has raised the level of awareness astir crypto self-custody. “Whenever the marketplace gets stressed and whenever radical fearfulness for their savings, you know, they unreserved to crypto and to Ledger,” Gauthier noted.

Related: How to support your cryptocurrency harmless aft the FTX collapse

Ledger reportedly had its champion period of income successful November pursuing the melodramatic illness of crypto speech FTX. According to the company, gross from Ledger Live's buy-and-sell crypto app has grown 200% successful the past 12 months. Hardware wallet supplier Trezor besides benefited from FTX failure, reporting a 300% surge successful sales gross arsenic a effect of investors rescuing their funds.

Ledger claims to store much than 20% of crypto assets successful circulation and 30% of the non-fungible tokens supply. Among caller moves, the institution hired Tony Fadell, builder of the iPhone, to plan a new mentation of its hardware wallet.

Prominent figures successful the manufacture person besides encouraged crypto self-custody. “Self custody is simply a cardinal quality right. You are escaped to bash it anytime. Just marque definite you bash it right,” Binance CEO Changpeng Zhao said successful November, advising investors to commencement tiny and larn the technology.