As the market for digital assets grapples with regulatory ambiguity, Ledger’s catchphrase “not your keys, not your coins” is gaining popularity among its customers.
Ledger, the company behind hardware wallets such as the Nano S and Nano X, announced the successful completion of its Series C fundraising round in late March. The company raised $109 million to optimise and expand wallet production.
Ledger is proud to announce our Series C extension fundraising round.
We continue our mission of bringing ease-of-use and uncompromised security to your digital value.
Read what our CEO @_pgauthier has to say:https://t.co/JSHyi5jKIQ pic.twitter.com/aGi2FhOXCs
— Ledger (@Ledger) March 30, 2023
The financing has enabled Ledger to achieve a valuation of €1.3 billion, and it intends to hold a second and third closing in April due to considerable investor interest.
Institutional investors included Morgan Creek, Cité Gestion SPV, Digital Finance Group, VaynerFund, True Global Ventures, and 10T in the most recent funding round.
Despite regulatory uncertainty in the digital asset industry, Ledger continues to expand to the point where it now protects nearly 20% of the world’s cryptocurrencies.
In an official statement, Pascal Gauthier, Chairman and Chief Executive Officer of Ledger, thanked investors for supporting the company’s development and welcomed new investors to help the company lead the undeniable revolution of value and hardware.
According to Gauthier, the funds raised will accelerate the company’s objective of disseminating its devices to hundreds of millions of crypto ecosystem participants. These funds will spur the development of a new generation of devices designed with security in mind for managing digital assets and other blockchain technology products.
Gauthier asserted that despite the numerous obstacles confronting the digital asset industry, Ledger remains a “safe haven for customers,” especially during periods of volatility and regulatory ambiguity, as evidenced by the soaring demand for hardware wallet devices.
Gauthier explained that Ledger is committed to continuous innovation and sustaining its market position, underscoring the need for secure hardware devices that mobile phones cannot replace due to their security-focused characteristics.
Ledger’s primary focus is refining the user experience through software and facilitating the integration of new cryptocurrencies, blockchains, and other tools that will transform Web3.
The company’s newest product, the Ledger Stax, will launch in April 2023 for approximately $279. Ledger’s partnership with Tony Fadell, co-creator of the iPod and iPhone, resulted in the new wallet’s modern and innovative design resembling the iPhone, as the image above suggests.