Wallet provider Ledger raises $380M to welcome DeFi ecosystem

Following a dramatic improve in its revenues within the first quarter, the cryptocurrency safety and infrastructure firm Ledger accomplished a brand new fundraising spherical led by 10T Holdings.

Known for its Ledger Nano S and Nano X {hardware} wallets, Ledger announced the completion of a $380 million Series C fundraising spherical, which gave the corporate a valuation of $1.5 billion.

Ledger’s Series B spherical traders Cathay Innovation, Draper Associates, Draper Dragon, Draper Esprit, DCG, Wicklow Capital attended the brand new fundraising. Tekne Capital, Uphold Ventures, Felix Capital, Inherent, Financière Agache (Groupe Arnault) and iAngels Technologies have been the brand new traders.

Ledger CEO Pascal Gauthier said the Series C funding spherical would remodel Ledger from a digital asset safety firm to a safe gateway to the whole digital asset ecosystem. “This industry is fast becoming mainstream and reshaping the entire financial sector and beyond,” he added.

Ledger will use the $380 million for creating new merchandise and including decentralized finance options to Ledger Live, the corporate’s pockets software program. The firm can be wanting to strengthen its Ledger Enterprise Solutions, a cloud-based digital asset custody service.
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As digital property have gotten extra mainstream, Ledger expects the property held on its merchandise will develop in quantity, the announcement reads. The firm needs to place itself as a safe gateway to the ecosystem because it diversifies to embrace nonfungible tokens, actual property and different blockchain-based types of worth.

Thanks to the bull market earlier this 12 months, Ledger saw a 500% surge in revenues within the first quarter of 2021. The firm employed former eToro and Opera leads, and it’s nonetheless wanting to increase its workforce.

Ledger skilled a major data breach in December 2020 that induced a leak of over 270,000 Ledger prospects’ private info. According to the report, the leak additionally included 1 million emails of Ledger pockets homeowners and prospects that have been signed up to the corporate’s publication service.