Hardware crypto wallet manufacturer Ledger has raised $380 million in a Series C funding round led by digital asset fund 10T Holdings, Ledger said in a press release on 10 June.
According to the announcement, the Series C funding round has placed the valuation of Ledger at around $1.5 billion, which only highlights the firm’s rapid growth. The $380 million round was led by 10T Holdings — a $200 million fund launched by investor Dan Tapiero — and also saw participation from Cathay Innovation, Draper Associates, DCG, Korelya Capital, Wicklow Capital, and others. Ledger’s blog post reads:
“The results of our Series C round bring us one step closer to this vision. We are excited to watch our global community grow and help people around the world begin their investment journey with confidence that their digital assets are secure.”
The newly acquired funds will help the company implement decentralized finance (DeFi) solutions to its Ledger Live wallet software, as well as develop new products and strengthen its cloud-based digital asset custody service. The firm will also look to diversify its offering beyond crypto, and add support for NFT, real estate, and other forms of value that are present on the blockchain.
Established in 2014, Ledger claims to have already sold more than 3 million hardware wallets in 190 countries around the world, and already has 1.5 million monthly users on Ledger Live. The firm is estimated to have secured 15% of all cryptocurrency assets globally, and expects to soon grow that number thanks to the recent popularity of crypto.
Back in December 2020 the firm experienced a major data breach, which saw the personal information of more than 270,000 Ledger customers — and emails of more than 1 million customers — get leaked on the internet. This incident did not stop the company from growing however, and Ledger reported a 500% surge in revenue in the first three months of 2021.