Hardware wallet maker Ledger closes $380 million Series C funding round at $1.5 billion valuation

Paris-based crypto hardware wallet maker Ledger has closed a $380 million Series C funding round, valuing the startup at more than $1.5 billion.

Led by 10T Fund, a digital asset fund founded by prominent macro investor Dan Tapiero. Tapiero’s $200 million fund was established earlier this year.

The 10T Fund invested alongside existing investors and new backers including Tekne Capital, Uphold Ventures, Felix Capital, Inherent, Financière Agache (Groupe Arnault) and iAngels Technologies.

Pascal Gauthier, Chairman and CEO of Ledger, told The Block that

“We got to a $1.5 billion valuation with this round of funding, but the reality is that we’re really aiming for a $100 billion valuation, and the reason we think it’s going to be a $100 billion valuation is because the market is going to be really big,”
“It’s fun to compare bitcoin to gold, but this market will be where the world goes into blockchain value at some point, where all the value in the world is tokenized …… Ledger has ideally and uniquely positioned itself as a secure gateway to Web3.”
The funds from this Series C round will be used for product innovation and plans to give users access to new transaction services, such as decentralized finance (DeFi) solutions, through the company’s crypto management application, Ledger Live. Ledger also plans to expand its enterprise capabilities and invest in upgrading its operating system.

Further international expansion is also being considered. As a global service, Gauthier said Ledger is investing in “internationalization and localization” – with a focus on customizing services to fit non-English speaking countries.

Ledger currently employs 360 people and plans to hire 300 more.

The company closed its Series B funding round in January 2018 – a $75 million round led by London-based venture capital firm Draper Esprit. It then raised another $2.9 million from South Korean tech giant Samsung in April of the following year. Other backers of the company include FirstMark Capital, Cathay Innovation, Korelya Capital, CapHorn Investment and Digital Currency Group.

Ledger has become one of the world’s most popular makers of hardware wallets, which allow cryptocurrency holders to store their private keys (which control access to funds) on devices that are isolated from Internet-connected devices, such as cell phones and laptops. The company also offers tools that allow customers to buy, sell and pledge cryptocurrencies through its mobile app.

The company said in a press release that it sells more than 3 million hardware wallets in 190 countries worldwide, providing protection for an estimated 15 percent of the world’s cryptocurrencies.

Since last summer, Ledger users have been subjected to phishing attacks during which customer contact and order information was compromised.

In December 2020, a database containing the personal information of more than 1 million Ledger customers was posted online – for which a “rogue member” of the Shopify customer support team was accused. In January 2021, Ledger offered a reward of approximately $350,000 in Bitcoin for information about the people behind the data breach.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/hardware-wallet-maker-ledger-closes-380-million-series-c-funding-round-at-1-5-billion-valuation/
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