Hardware crypto wallet manufacturer Ledger is looking to raise around $100 million only a year after closing a $380 million Series C funding round, Bloomberg reported on 1 August.
The publication cited “people familiar with the plans”, who said the company was currently in talks with interested parties to raise at least $100 million in a new funding round, despite the recent downturn in the prices of digital assets. The unknown sources also noted that while the bear market had affected other crypto-related companies, Ledger has experienced growth in its business over the past months.
This could be explained by the liquidity problems crypto lenders and exchanges have experienced in recent months. These companies often choose to pause withdrawals on their platforms — such as Voyager Digital, Zipmex, Vauld, Celsius and others — while some even resorted to filing for bankruptcy protection. Such actions have pushed customers to look for safe self-custody solutions to store their crypto assets in, such as a Ledger’s hardware wallet.
Founded in 2014, Ledger has become one of the largest crypto hardware wallet providers in the world, with around 3 million hardware wallet sales to date. Back in June 2021, Ledger closed a $380 million Series C funding round — which raised its valuation to $1.5 billion — with the goal of diversifying its offering beyond crypto.
The most recent development in the company came last week, when it revealed the launch of its own non-fungible token (NFT) marketplace, featuring collections from major brands and artist. Ledger also expanded into the crypto debit card industry at the end of last year, with the reveal of its Visa Crypto Life card, which immediately converts crypto into fiat when used to pay merchants.