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French cryptocurrency wallet maker Ledger is seeking to raise new capital after raising $380 million in June 2021, according to sources familiar with the matter. Hardware wallet company Ledger is reportedly looking to raise at least $100 million from strategic investors.
According to Bloomberg, French crypto hardware wallet maker Ledger is seeking more funding following the firm’s Series C last June. At the time, Ledger raised $380 million in a financing round led by 10T Holdings, and that gave Ledger a subsequent valuation of about $1.5 billion.
Founded in 2015 by Éric Larchevêque and Thomas France, Ledger has established itself as one of the top producers of crypto hardware wallets worldwide. Ledger competes with other popular digital currency wallet manufacturers such as Trezor, Ellipal, Coolwallet, Safepal and Coinkite.
The report published on July 30 says that “people familiar with the plans” said Ledger is “in talks to raise at least $100 million in a financing round that would give it a higher valuation.” Bloomberg’s Gillian Tan, Hannah Miller, Anna Irrera and Olga Kharif contacted Ledger and the company declined to comment on the alleged funding round.
Ledger sells Nano S Plus and Nano X series hardware wallets for prices between $79 to $149 before tax. Both wallets are non-custodial cryptocurrency hardware wallets that can store, send and receive dozens of digital currencies. Ledger’s apparent $100 million capital raising talks follows the recent Straits Research report indicating that the hardware wallet market is expected to grow to $1.72 billion by 2030.
Market intelligence firm Straits Research says the Asia-Pacific region shows the highest market share of hardware wallets worldwide, and the highest potential for projected growth also originates from the area. While Ledger enjoyed a capital injection of $380 million in June 2021, the company suffered setbacks that summer due to several leaks of information related to customer data. At the time, fraudsters allegedly targeted existing Ledger customers to steal their private seeds.
Since then, the company has continued to expand, and last week Ledger Live, the company’s native software program, added Cardano (ADA) token support with the ability to manage 100 Cardano-based tokens. ADA support was implemented in June this month, the France-based hardware wallet maker introduced colored Nano S Plus and Nano X series wallets. The new color names were chosen by the community and include “Mystic White, BTC Orange, Deepsea Blue, Ice, Cosmic Purple and Blazing Orange.”
What do you think of the report that claims Ledger is looking to raise $100 million from investors? Let us know what you think about this topic in the comments section below.
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