Ledger, a business that develops hardware wallets for #cryptocurrency investors to store their digital assets, has benefited from market uncertainty elsewhere by closing its €100 million financing round with the majority of the funds. First of three investment rounds is the fund.
Ledger's current market value is €1.3 billion, or about €1 billion more than the price determined by investors in its most recent financing in June 2021. The source claims that due to high investor demand, a second close is planned for April, followed by a third fundraising at a later time. The money will be used to increase production, expand the business's distribution system, and develop new products.
Ledger's CEO, Pascal Gauthier, stated at a Paris interview that:
"People all of a sudden thought, "Wow, leaving cryptocurrency on an exchange is very risky." And since you can no longer even leave money at a Swiss bank, 2023 will be much better for us."
One company that creates USB-like devices for holding cryptocurrency assets is Ledger. Since they lack a live internet connection, these devices are sometimes known as "cold wallets." As a result, digital wallets offer an extra degree of protection against hackers who may try to access and take advantage of any wallets connected to the internet.
In a fundraising round in 2021, #Ledger raised an extra €356 million, or more than $385 million at the current exchange rate. The company's valuation stayed constant at €1.3 billion, or $1.41 billion at the time of writing using the current exchange rate, despite the additional €100 investment.
Among the businesses that didn't participate in the first investment round but did so in the second were True Global Ventures, VaynerFund, and Digital Finance Group. The companies that made a significant contribution to both funding rounds included Cathay Innovation, Morgan Creek, 10T, and Korelya Capital.
With the shocking demise of the cryptocurrency exchange FTX, November appears to have been the company's highest income month. The buy-and-sell cryptocurrency app from Ledger Live has seen a 200% growth in revenue over the past year. Ledger claims that it presently holds 30% of non-fungible tokens and more than 20% of all cryptocurrencies in existence (NFTs).
Trezor, a manufacturer of hardware wallets, also benefited from FTX's bankruptcy. They reported a 300% rise in sales revenue as a result of investors getting their money back.
Since 2014, Ledger has sold more than 6 million hardware wallets. Throughout the period from June 2022 to February 2023, the company sold almost a million gadgets.
This news is republished from https://coinaquarium.io/
