Cryptocurrency custody company Ledger closes $380 million funding round
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Answer Cryptocurrency custody company Ledger closes $380 million funding round
Cryptocurrency wallet maker Ledger has secured $380 million in a recently closed Series C funding round, making this round one of the highest-grossing venture capital funding rounds in the cryptocurrency industry.
announced Ledger said Thursday that its implied valuation was more than $1.5 billion after financing.
The funding round was led by 10T Holdings and garnered the support of several investors such as Cathay Innovation, Draper Associates, DCG, Korelya Capital and Wicklow Capital.
In addition to the participation of many other investment capitals such as “Tekne Capital”, “Uphold Ventures”, “Felix Capital”, “Inherent” and a few other companies that invested their first investments in the company.
Founded in 2013, Ledger has previously raised $8.3 million and $75 million in Series A and B funding rounds, respectively.
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Ledger Expansion:
The recent announcement from Ledger indicated that the new revenue will go towards creating new products and devices.
Additionally, the company plans to offer decentralized finance (DeFi) services and expand its institutional capabilities.
The company will also invest a portion of its funding in its own operating system, which runs on all devices manufactured by the company.
Ledger CEO Pascal Gaultier commented on the latest funding round:
This Series C announcement marks Ledger’s transition from the leader in cryptocurrency security to a secure gateway to the entire digital asset ecosystem.
This industry is rapidly becoming mainstream and is reshaping the entire financial sector and beyond.
Ledger is one of the leading manufacturers of hardware wallets, but controversies and legal issues are no stranger to the company.
Ledger suffered a data breach last year, which resulted in the leak of customer emails and other information of many users.
However, private information about the wallet remained secure.
Despite the difficulties the company has faced, venture capitalists are still optimistic about the company due to its market dominance and the increasing reliance on cryptocurrencies in general.
Read:Russia’s FSB linked to the disappearance of $450 million in Bitcoin
Dan Tabero, founder and CEO of 10T Holdings, said:
“We believe Ledger is the leading security company and the brand name is number one in the crypto/blockchain space.
We see a huge future for its new lines of business and expect it to become one of the very few dominant companies in the crypto market ecosystem.
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